It emerged yesterday that the cost of axing the four executive directors at Marks & Spencer has reached £3m through payment of settlement packages.

The former chairman Luc Vandevelde received the equivalent of his year’s salary of about £585,000, despite the fact he had made it clear he wanted to leave the business.

The former clothing director, David Norgrove, received a £754,000 pay-off, and The Independent reported today that Vittorio Radice, who will leave today after just 15 months with the company, will receive as much as £828,000.

Meanwhile Philip Green continued contemplating his options yesterday, and will await feedback from his advisers who have promised to sound out major shareholders of the company by today.