The billionaire founder of home furnishings retailer Dunelm has invested almost £250m in Marks & Spencer, it emerged yesterday.
Bill Adderley’s shareholding in M&S was revealed after his stake in the company passed 3% - triggering a stock market announcement.
It is understood the entrepreneur has been building up his stake over the past 18 months.
The revelation helped drive a 2% increase in M&S’ shares to 503.5p in trading yesterday.
Shares in the retailer have climbed from 475p at the start of the week – boosted by encouraging Kantar data indicating some improvement in the performance of M&S’ clothing business. The retailer’s share of the important women’s clothing market fell by 0.2% in the 24 weeks to the end of September – compared to a 0.5% decline in the previous 24 weeks.
Marks & Spencer is due to present its half-year results on Tuesday 5 November.
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