Kevin Stanford, the co-founder of clothing chain, Karen Millen, is the mystery shareholder who has been building a share in Marks and Spencer.

Section 212 notices sent out by M&S forcing mystery shareholders to reveal their identity, found that Stanford had built a 0.5% stake in the group over a six-week period.

The share dealing had sparked rumours in the City that Icelandic retailer, Baugur, was building a stake in M&S.

However, Stanford bought an 8.3% stake in Baugur and sold his share in Karen Millen to the retailer last year.