Philip Green, the self-made billionaire and retail entrepreneur, is facing a £50m (€75m) bill from advisers despite abandoning his £9.1bn battle to take control of Marks & Spencer, the clothes and food retailer.

M&S shares initially plunged 7.4% to 337p in the opening minutes of trading on Thursday following Green's decision to quit one of the most aggressive and colourful fights for control of a UK trophy retailing asset in recent memory. It had climbed to 345p by 14:00 BST. Last week Green raised his possible bid to a "final, final, final" offer of 400p a share. The shares were trading at around 290p before he expressed interest six weeks ago.