HMV chairman Robert Swannell is being tipped to take the same role at Marks & Spencer.

The former investment banker advised Marks & Spencer on its defence against Philip Green’s bid attempt in 2004. His appointment as successor to Sir Stuart Rose is likely to be formally announced next month, according to Sky News, and he will start early next year.

Marks & Spencer refused to comment on the speculation.

Swannell is also a non-executive director of property firm British Land and private equity group 3i.