M&S to give shareholders perks

STRUGGLING High Street stores chain Marks & Spencer, which spent the first half of the summer embroiled in a messy phantom takeover battle with Bhs and Top Shop owner Philip Green, has sent investors money-off vouchers for those who might spend more than £20 in one of its food halls or £50 on clothes.

There are also money-off vouchers to use in M&S stores which have a Cafe Revive.

The decision by the firm's new management, chairman Paul Myners and chief executive Stuart Rose, is a marked U-turn for the retailer, which has long been known for refusing to give any perks to its shareholders.

In a letter to them, Myners says: 'At the AGM I made a commitment to explore how we could best reward our loyal shareholders, a question that has been raised many times.'

Myners said he would write again to M&S's 320,000 shareholders and explain further details.

Investor perks are regarded by many small investors as a thing of the past, though some companies still give offers.

Shareholders in British Airways, P&O and Eurotunnel are offered money-off travel if they have a big enough holding in the companies, while some hotel and holiday groups also run discount schemes for their investors.

Meanwhile, M&S shareholders are still waiting for news of another giveaway.

Myners and Rose have also committed to returning £2.3bn to shareholders, plans of which are to be unveiled next month.