Up-to-date coverage of the latest events in UK retail.

More M&S store closures possible

Marks & Spencer chief executive Steve Rowe has not ruled out the possibility of more store closures after telling yesterday’s AGM that plans to shut 110 branches are “not finite”.

He told shareholders that M&S’ estate of legacy stores was “holding it back”, the BBC reported.

M&S intends to shut 85 full-line stores and about 25 Simply Food shops as Rowe seeks to turn the bellwether business around.

M&S chairman Archie Norman said the retailer was paying the price of not closing “old-fashioned stores” over the last two decades.

Kingfisher shareholders stage pay revolt

Investors in B&Q owner Kingfisher rebelled over executive pay yesterday, when a substantial number opposed departing boss Véronique Laury and finance chief Karen Witts’ combined pay of more than £3m.

Almost a quarter of voting shareholders opposed the retailer’s remuneration report, City AM reported.

Kingfisher said: “The views of our shareholders are of paramount importance to the remuneration committee, and therefore the committee intends to consult further with shareholders to understand the specific rationale for any votes against our report.

“Our current understanding is that these concerns were mainly focused on our assessment of 2018/19 performance, and the corresponding awards made.”