Marks & Spencer confirms Vandevelde’s plan to launch private
AFX – 15 December 2002
Marks & Spencer Group PLC confirmed that its chairman, Luc Vandevelde, is planning to launch a private equity fund.
But the venture, which is understood to be worth 300 min stg, is “unconnected” to Marks & Spencer, it said.
“The board is aware of his plans and has taken steps to satisfy itself that the activity Luc is undertaking is not in conflict with his role as chairman of Marks & Spencer”, it added.
Vandevelde’s role as a chairman will move to a “part-time” basis from Jan 1 when only 60 pct of his time will be dedicated to the company, it said.
The Sunday Telegraph reported that the Halley family, the founders of the Promodes retail group, is backing Vandevelde in the venture, which will be based in the UK but will look to buy businesses across Europe.
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