Rejected entrepreneur Philip Green is promising a High Street war on Marks & Spencer after being forced to abandon his £9.1 billion takeover bid.
The final nail in the coffin for Green was his failure to gain the cooperation of M&S's board to allow him to study the firm's accounts, which precluded him from making a formal offer before the August 6 deadline imposed by M&S.
Green, evidently left with a sour taste from his two-month stand-off, said his Arcadia group would bring about a High Street "judgement day", with M&S the principal target.
Interviewed on last night’s Newsnight, on BBC2, Green said he had been treated with “contempt”, adding: "What I am fired up about is making sure our businesses - Bhs, Top Shop, Dorothy Perkins - trade their socks off.
"They are going to have us breathing down their neck in every street and every shopping centre in the UK," he said.
"And then we'll see who the best retailer is."
At M&S it is now the job of newly-appointed boss Stuart Rose to prove that his team can deliver more value to shareholders.
M&S chairman Paul Myners said the board was pleased that the period of uncertainty had come to an end.
"We are focused on improving the performance of Marks & Spencer and delivering long term value," he said in a statement.
"Stuart Rose and the team are fully committed to the task and we have every confidence in their ability to succeed."
In an official statement, Green said he believed he had played an important part in bringing about a new direction for M&S and wished the employees and shareholders of M&S good fortune.
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