M&S sells its Spanish shops

MARKS & Spencer was closer today to extricating itself from Continental Europe after selling its nine shops in Spain to the El Corte Ingles department stores chain.

M&S declined to reveal the price but said it was still on track to meet its budgeted cost of £224m for the entire withdrawal.

The 700 jobs have been safeguarded in the deal, which includes four freeholds and five leaseholds.

M&S announced in March controversial plans to quit the Continent by the end of the year. It sold its French shops to Galeries Lafayette last month. Four stores in Portugal, Holland and Luxembourg are still to be sold. It has already announced that it will shut four Belgian stores after failing to find a buyer for them.

Plans to sell the Brooks Brothers and Kings chains in the US were derailed by the 11 September terrorist attacks. M&S hopes to announce a fresh timetable for the sales later this month.