Rothschild advised Marks & Spencer on the proposed sale of its nine Spanish stores to its Spanish clothing retailer El Corte Ingles, the Spanish company that has also emerged as the favourite to buy the UK retailer's Portuguese business.

M&S's Spanish sale comes barely two weeks after Rothschild advised the troubled UK retailer on the sale of its French stores to Groupe Galeries Lafayette. M&S and its advisers declined to comment, or provide financial terms of the sale.