Sir Stuart takes role at private equity firm

The retail veteran, who is to step down as M&S chairman in January, will join former health secretary Alan Milburn and ex-HBOS chief executive Sir James Crosby on the European advisory committee of buy-out group Bridgepoint.

He will provide Bridgepoint with a consumer insight for its investments, which currently feature a Europe-wide retail portfolio of more than 2,500 stores and 16,500 employees. UK brands include Pret A Manger, Fat Face and HobbyCraft, while in January it exited its investment in Pets at Home when it sold the business to another private equity firm in a deal worth 955m.

Sir Stuart re-joined M&S at the time of Sir Philip Green's 9bn hostile takeover approach in 2004 and steered it to profits of 1 billion two years ago.

He was knighted in 2008 for services to the retail industry.

Bridgepoint managing partner William Jackson said: "He's had a fantastic business career and has unparalleled experience in the retail world where Bridgepoint has made substantial investments over the years. It will be great to have him on the team."

In a change announced last month, Sir Stuart - a non-executive director of Land Securities and chairman of Business in the Community - will be replaced as M&S chairman by City banker Robert Swannell.