| UPDATED: 14:17, Fri, Feb 19, 2021 Link copied Sign up for FREE health tips to live a long and happy life SUBSCRIBE Invalid email When you subscribe we will use the information you provide to send you these newsletters. Sometimes they'll include recommendations for other related newsletters or services we offer. Our Privacy Notice explains more about how we use your data, and your rights. You can unsubscribe at any time. Founded more than 130 years ago by Michael Marks and Thomas Spencer, Marks and Spencer became a high street favourite selling high-quality British-made products under its 'St Michael' brand. This popularity peaked in 1998 when M&S became the first British retailer to make a pre-tax profit of over £1billion. But a year later, those profits were halved – forcing the company to make unprecedented changes – such as turning to overseas suppliers – and since then bosses have implemented a “radical” plan to turn their attention away from the clothing side of the business.