M&S investors unimpressed by cost-cutting

Plans to cut costs at Marks and Spencer and revitalise the high street stalwart disappointed investors, sending its shares down by more than 4 per cent.

At its first investor day for a decade, M&S set out plans to save £250m a year from an overhaul of its supply chain and IT systems, as it revealed a raft of initiatives, including taking food sales online at an undisclosed point in the future.