Marks & Spencer has said former menswear director Richard Price will return to the business after an eight-year hiatus, to head its embattled clothing and home arm.

Mr Price, who is now Tesco's F&F clothing boss, will take on the role of clothing and home managing director in 2020, although a start date has yet to be confirmed.

He was previously M&S's menswear trading director for four years until he left in 2012, before which he was the group's head of merchandise.

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The move comes after M&S chief executive Steve Rowe had personally taken over management of the clothing and home division since former managing director, Jill McDonald, left in the summer.

He recently pledged to push rapidly ahead with a turnaround plan for the division, after another sales tumble in the group's first half results.

It said earlier this month that clothing and homeware sales dropped 5.5% on a like-for-like basis in the six months to September 28, on the back of issues around product availability.

Mr Rowe said Mr Price's appointment will help ramp up the division's recovery.

He said: "Richard's career spans some of the UK's top clothing brands and he has a proven track record of delivering growth through stylish, great value product.

"We are building a team of world class talent in clothing and home and, with Richard coming on board, I am confident that the speed and scale of the transformation of the business will accelerate."

Mr Price said: "I left the business because I felt it was drifting in the wrong direction, but now feel we have a real chance to make it special again."

Gambling software business Playtech has issued a profit warning after its financial division performed "well below" expectations.

It said the weak performance is expected to mean the group's earnings before interest and tax will be "a little below" consensus for 2019.

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The FTSE 250 firm said it is reviewing options for TradeTech, its financial trading arm, after it said "highly challenging" conditions in September and October hit revenues.

Playtech said the financial arm had a positive start to the year but has struggled in recent months.

The company has seen its shares slump in value throughout 2019, as it has sought to deal with corporate governance problems following pressure from activist shareholder Jason Ader.

On The Beach is set to see annual sales jump as the package holiday company looks to cash in on the collapse of rival Thomas Cook.

City analysts say the online holiday firm has "positioned themselves to grab market share" after the failure of Thomas Cook in September.

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Shares in the company plunged in August after its profits were hit by the tanking value of the pound but have since recovered as investors have eyed a growth opportunity on the back of its rival's demise.

Last month the company said its trading for the full year to September was in line with expectations and highlighted the "unprecedented opportunity" it now has to deliver growth.

Analysts at Berenberg said the business now has the opportunity to "deliver as much as five years' worth of growth in 12 months".

Berenberg said it predicts On The Beach will report revenues of £148 million for the past year, representing a 42.3% increase against the previous year, when it announces its annual figures on Wednesday.