Thorny Rose

30 June 2004 By Hugo Dixon Follow @hugodixon

The question has been raised as a result of a sidesquabble in the current phoney war for M&S, the UK retailer. The facts aren’t entirely clear. But, prima facie, Goldman s behaviour doesn’t look good.

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Goldman Sachs learned from a client of a talk she had with Stuart Rose, now Marks & Spencer's chief executive, according the Sunday Telegraph.

The client is Rosemary Thorne, Bradford & Bingley's financial director, according to people familiar with the situation. The Goldman banker is Phil Raper, a senior corporate broker.

Thorne allegedly told the bank that, on May 24, Rose said he would be chairman of bidco for Philip Green's acquisition of Marks & Spencer, according to the Sunday Telegraph.

M&S said Rose was never part of Green's team, he was never offered the job of chairing the vehicle and he never claimed he was. It said it had a statement from Goldman's client that said Rose did not say that Philip Green would be bidding for Marks & Spencer and he did not say that he would be chairman of Philip Green's bid vehicle."

Goldman is advising Green on his possible bid for M&S. It is also a coinvestor.

Rose wrote to Peter Sutherland, the chairman of Goldman's European business, accusing the bank of "promoting an untruth, to damage my reputation and in so doing to further your proposed offer for M&S". Goldman's reply is being considered by Rose's lawyers.

Goldman refused to comment.

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