Marks and Spencer and Tesco have leapt into the top 25 of the World’s most respected companies in a list compiled by the Financial Times and PriceWaterhouseCoopers.

M&S’ turnaround over the last couple of years has seen it leap back onto the list at number 19, having been absent since 1998.

Tesco has jumped to number 24 up 30 places since last year.

Other appearances by consumer product manufacturers in the top 50 included Coca-Cola at number four, US retail giant Wal-Mart at number eight. Procter & Gamble took eleventh spot, Unilever number 12 and L’Oréal at number 30.

In the list of the World’s most respected business leaders - headed by Bill Gates of Microsoft - Wal-Mart’s president and CEO Lee Scott was ranked 11th and Unilever’s chairman Niall FitzGerald at number 17. Nestlé’s CEO Peter Brabeck-Letmathe came in at number 24 and Coca-Cola’s boss Douglas Daft at number 29.