M&S's du Plessis takes first stake

Jan du Plessis, a non-executive director at Marks and Spencer has bought his first stake in the clothes and food retailer since joining the board in November.

He took 20,000 shares at 222p a time, paying £44,400.

The South African, who is the chairman of British American Tobacco, the maker of Dunhill and Lucky Strike cigarettes, joined the board of M&S in 2004. He is also a non-executive director at the mining giant Rio Tinto and Lloyds Banking Group.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

His purchase comes soon after Marks and Spencer reported a sharp drop in like-for-like sales over Christmas and announced 1,230 job cuts.

It was hit by the tough economic conditions that have curbed consumer spending and helped bring about the demise of well-known retail chains including Woolworths, the High Street chain that collapsed late last year.

However, the drop in sales was not as bad as some analysts had feared and the company's shares are up on the month, though they have fallen by about 50% over the past year.

Top Director Buys

Value: £294,150

Value: £61,936

Value: £44,440

Value: £39,429

Value: £17,500

Value: £15,519

Value: £12,410

Value: £12,410

Value: £10,125

Top Director Sells

Value: £1,002,859