Turnaround is in full swing and bearing fruit, but bosses are only too aware of a history of revamps that failed to stick

“We have a plan but it’s a high wire act and we have got to keep both feet on the wire,” says Archie Norman, the chair of Marks & Spencer.

M&S may have had a blockbuster year – its share price up 40% and gains in market share in both food and clothing – but the retail stalwart is not satisfied.