Kevin Stanford, co-founder of upmarket fashion chain Karen Millen, has acquired  £28.8 million worth of shares in high-street giant Marks and Spencer Plc.

The 0.5 per cent stake was revealed due to the company's action of issuing 212 notices following speculation that investment group Baugur was building up shares in the company.

M&S will update investors on first-quarter trading on 13 July, when the company is expected to report little improvement of its flagging clothing division.