Marks & Spencer deploys property portfolio to plug deficit
A move by Marks & Spencer to pare-down its pensions deficit by a leaseback arrangement on its property portfolio was "cutting out the middleman" in comparison with a recent similar action by fellow UK retailer Sainsbury's, according to company finance director, Ian Dyson.
Marks & Spencer will set up a company holding £1.1 billion worth of property which will make annual £50 million payments for 15 years in order to reduce the £3.5 billion scheme's deficit by £500 million to £250 million, with the
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