Marks&Spencers

Bill Adderley has put £250m into Marks & Spencer

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.