Why Philip Green is thorn in Rose’s side

Sir Stuart Rose, the chief executive of Marks & Spencer faces a gruelling time later today when he faces 2,000 shareholders furious about the sharp drop in profits as well as Rose's controversial elevation to executive chairman while remaining chief executive of the company. So he was not exactly delighted to find himself on Tuesday in the company of his old rival Sir Philip Green, the Topshop boss who has twice attempted to take over M&S, at an industry-sponsored event at the Fashion Retail Academy.

On seeing Rose, Philips couldn't resist a swipe, telling a group of teenage fashion graduates. "If any of you would like to apply for the job of M&S chief executive he'll be available afterwards for interviews." Sir Stuart managed to produce the faintest of smiles.

As the two men traded jibes, rumours swirled that Sir Philip was about to launch a third attempt to buy M&S.  This time round he could get a bargain: since the announcement last week that M&S comparable food sales had fallen by five per cent in the last three months, the company’s share price has dropped to 212p, just over half what Sir Philip offered for the company in the summer of 2004. ·