Holmes and Vandevelde reunited

Former Marks & Spencer bosses Roger Holmes and Luc Vandevelde will work side by side again when Holmes joins Vandevelde's private equity group Change Capital Partners next month, writes Tamsin Waghorn.

Vandevelde, ex-chairman of M&S, is managing director of Change Capital.

It invests the money of the Halley family, founders of French supermarket giant Carrefour, in European medium-size retail and consumer businesses.

Its portfolio includes hardware chain Robert Dyas, which it bought earlier this year. It has invested a third of its first €300million (£207million) fund and aims to make three deals a year.

Holmes, who was ousted from M&S in May after Philip Green's bid approach, will become a partner at the company.