Marks and Spencer was one of the biggest fallers on the FTSE 100, down 16.16 points after it was announced that the head of its clothing business was quitting.

John Dixon is leaving after 26 years at the retailer, having started on the shop floor and worked his way up. Mr Dixon led the general merchandise division, which has struggled in recent years to update its image. Most recent figures showed like-for-like sales down 0.4% in the quarter.

Retail analyst Nick Bubb said: “It is a shame that John is leaving, but it looks as if he was moving down the internal pecking order at M&S, having been given the thankless task of running M&S clothing.”

Mr Dixon he had “thoroughly enjoyed” his time at M&S. “I now have the opportunity to become a chief executive and have therefore resigned from this great company,” he said.