News in brief: Former Co-op chief quits Thomas Cook, H&M looks smart as sales rocket 10%, Laura Ashley in Moss Bros exit

Peter Marks, former chief executive of the Co-operative Group, is quitting as a non-executive director of Thomas Cook.

He joined the travel firm when it effectively took control of Co-op Travel in 2011 and will leave next month. Marks, who was also a director of the troubled Co-op Bank, was paid £70,000 by Thomas Cook last year. Chairman Frank Meysman gave a vote of thanks to Marks for his work at Thomas Cook.

Swedish fashion group H&M, the world’s second-largest clothing retailer, said total December sales rose 10%, in line with expectations, but down from the 21% rise in November.

The company added it will stop reporting like-for-like sales — taking into account only stores open for more than a year — as web operations make calculations more complex. H&M had 3176 stores at the end of last year and plans to open 400 new stores this year.

Designer retailer Laura Ashley has sold its stake in suits hire and retailer Moss Bros after doubling its money in six years.

It sold its 9.5 million shareholding for £8 million after Moss Bros revealed better than expected trading over Christmas yesterday. The shares were bought at between 42p and 47p in 2008, leading to speculation Asley might bid for Moss Bros. They were sold at 84p. Today they rose 5.5p to 96p.