Marks and Spencer has bought a half share in a franchise operation in eastern Europe as part of its drive to expand abroad.

M&S said it had bought 50 per cent of a venture with Greece's privately-owned Marinopoulos BV which operates 38 M&S stores in Greece, Romania and Bulgaria, as well as Switzerland, for €50 million cash.

It said the venture planned to open 50 new stores in these markets over the next few years.

"We have an exciting opportunity to open many more Marks & Spencer stores in Greece and the Balkans and our joint venture with Marinopoulos will mean we can really put M&S on the map in this part of the world," Carl Leaver, M&S's director of international business, said in a statement.

M&S has said it plans to grow its international business to 15-20 per cent of group revenues within the next five years.

International revenues totalled £610.6 million in the year ended March last year out of a total of £8.59 billion.