The deputy chairman of Marks & Spencer, Sir David Michels has bought 37,734 shares, together with Michele Michels. This takes Sir David’s holding to 113,984 shares. Like any other retailer, M&S has been experiencing difficult trading conditions. However, the shares closed the week 10.25p up at 276p on the news of the share deal and sales growth witnessed by two other companies in the sector - John Lewis and H&M.

Marks & Spencers share price has fallen 35% since last Monday. Losing another 4% today, analysts expressed concerns that profits could fall by more than one third this year. In 2007 M&S made £1bn, but 2008 could see this drop to as low as £600m. Such news has made the market very cautious about the stock and has left the retailer with a lot of work to do to regain investor confidence.