In 1998, a reader of Marks & Spencer’s annual report would have had no inkling that it was a retailer teetering on the brink. But it was.

The retailer, led by Sir Richard Greenbury, had reported profits of £1.2bn and become the UK’s most profitable retailer.

However, the bellwether business, which had set new industry standards and launched many brilliant careers, was about to spectacularly fall from grace. And that period of turmoil would last, with the exception of a few moments of respite, until this very day.