M&S shareholders 'backing new chief'

Shareholders in embattled retailer Marks & Spencer gave a cool reception today to the prospect of a takeover by tycoon Philip Green ahead of the company’s annual meeting.

As they prepared to face the M&S board, many said they were putting their money on new chief executive Stuart Rose being able to turn the company round.

But there was anger at the current state of the group, which many said would have to work hard to regain its core customers.

Speaking before the meeting in central London, small shareholder Anne Herd, of Bayswater, London, said she believed Mr Rose was “most definitely” the man for the job.

She said: “I’m sure he’s got plenty of skills and experience.

“(Philip Green’s) Bhs is run very competently and successfully but they are two different entities. I wouldn’t like an amalgamation of the two.

“Stuart Rose should have the opportunity to turn M&S round.”

She added that many things at M&S were “slightly frumpy” and said the group had to change things for their core customers.

The annual meeting comes two days after Mr Rose unveiled his proposals to revive the chain.

He plans to hand back £2.3bn (€3.45) to shareholders, axe the Lifestore concept and buy the Per Una brand from founder George Davies, among other measures.

Another small shareholder from Surrey said he thought M&S had to go back to its roots.

“I think M&S should go back to its traditional way.

“Philip Green will lower the tone rather than bring it back to its classic designs.

“M&S isn’t about the younger person. They’ve tried to catch the younger market, which is far too competitive. I’m sure not many young people would dream of going to where their grannies shop.”

Another shareholder, from Edgware, north London, said he did not believe either of the men could do the job.

He said he thought Mr Green had more power but added that he did not know enough about his plans for the store.