Brexit wasn’t the only Great British exit to dominate the headlines this week, as the news broke that high street stalwart Marks & Spencer will shortly lose its place in the FTSE 100.
While Boris Johnson may yet pull a filibustering trick from his voluminous sleeve before the week is out, M&S CEO Steve Rowe will rue his inability to prorogue the LSE’s quarterly reshuffle of Britain’s biggest largest listed companies, with M&S shares falling 1.5 per cent to 187p (valuing the company at £3.6bn) by the end of Tuesday.
In any case, it would merely be delaying the inevitable. In reality, the retailer’s fall has been a long-time coming. A decade ago profits topped £1bn, but following a consistent decline in retail sales, caused in part by an inability to adapt to increasingly challenging high street conditions, latest profits were just 10 per cent of that.