The Marks & Spencer panel of executives has announced that Philip Green, via his bidding vehicle Revival, must announce his offer by midday on 6 August, or state he is abandoning his bid for the company.

If Green is to back down then he won’t be allowed to bid for the retailer for another six months.

Green has stated he is seeking information about the company’s pension fund liabilities but Marks & Spencer has passed the issue over to its independent pension fund trustees.