As Archie Norman unveiled yet another turnaround plan for Marks & Spencer, the chairman surveyed sceptical analysts and journalists in front of him and quipped that the retailer’s middle name was “False Dawn”.
More than two years later, his remarks appear prescient: M&S’s shares have more than halved to 134p, its dividend has been canned and the pandemic has tipped the faded high street giant into the red for the first time in its 94 years as a plc.
Not everybody, though, has abandoned hope on the latest attempt to revive the retailer that brought us chicken kievs and packaged sandwiches. The Analyst, a well-regarded City research house known for its timely “sell” calls on Wirecard and Carillion, this month urged its clients to buy