China chip stocks rally on self-reliance bets, Nvidia scrutiny
Investing.com -- British retailer Marks and Spencer Group PLC (LON:MKS) plans to invest £340 million in a new automated distribution center in Daventry, central England, to support its goal of doubling the size of its food business.
The 1.3 million square feet facility is scheduled to open in 2029, the company said on Thursday.
Alex Freudmann, managing director of M&S Food, said: "This investment will boost capacity for future growth, lower our cost to serve over the long-term, and improve product availability."
The project will create 1,000 permanent jobs at the site and 2,000 jobs during the construction phase.
The latest investment plan comes as the company continues to recover from a recent cyberattack.
The April attack forced M&S to halt online clothing orders and shut down several systems, disrupting food availability and driving up waste and logistics costs.
In May, the company estimated the incident would reduce operating profit by about £300 million.
The retailer had previously resumed online clothing sales on June 10 after a 46-day suspension. The August 11 reinstatement of click-and-collect services marks another step in the company’s recovery from the cyber incident.