Britain's Marks & Spencer (M&S) said yesterday it would shed much of its non-UK business and cut more than 4,000 jobs in a radical shake-up to rebuild profits. However, the Republic will escape any cutbacks.

M&S announced it would exit continental Europe, sell US units Brooks Brothers tailors and Kings Super Markets, and scrap its UK catalogue business. It said finance director Mr Robert Colvill, the last of the management old guard, would depart.