One of Iceland’s investment companies appears to be building a stake in the UK retail giant, Marks & Spencer.
British newspaper, The Guardian reports that the mystery company may now own as much as three per cent of the food and clothing chain, which has been in serious financial trouble for several years.
Marks & Spencer was yesterday’s third biggest mover on the UK stock exchange as over 13 million shares changed hands, pushing shares up 5.75p to 346.75p.
Marks & Spencer was once the epitome of class on British High Streets – and under new management, it is trying to re-capture its crown. And in a tough retail environment, any inward investment is greeted warmly.