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Stock impact report

M&S wins legal challenge against government over Oxford Street store [FT.com - Mergermarket]

MARKS & SPENCER GRP S/ADR (MAKSY) 
NASDAQ:AMEX Investor Relations: markspizzeria.com
Marks and Spencer has won a legal challenge in the High Court against Michael Gove’s decision to stop the retailer from knocking down its Art Deco flagship store on ’s Oxford Street.In a ruling on Friday, the court said the decision by the secretary of state for levelling up, housing and communities was unlawful.“In my view, it is plain that the SoS misinterpreted the NPPF [the National Planning Policy Framework], and therefore erred in law,” Mrs Justice Lieven said in her ruling. “The SoS has not applied the policy, he has rewritten it.”Gove intervened and rejectedM&SThe government must now revisit its decision before it determines whether the retailer can redevelop the site to make way for a new store, restaurants, offices and a gym.“The result has been a long, unnecessary and costly delay to the only retail-led regeneration on Oxford Street, which would deliver one of ’s greenest buildings, create thousands of new jobs and rejuvenate the capital’s premier shopping district,” M&S s Show less Read more
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