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High street chain Marks & Spencer has been named as the UK's most reputable company.

The retailer topped the list of ten companies named by the Confederation of British Industry (CBI) as having the best reputation among the country's consumers.

Department store chain John Lewis came in second place on the list, followed by Sir Richard Branson's Virgin group.

Supermarket giant Tesco, electronics firm Sony, grocer Asda, online retailer Amazon, entertainment giant Apple, pharmacy and retail chain Boots and finally the BBC completed the top ten.

The research, based on a YouGov poll of 1,960 adults, highlights the commercial value of a good reputation.

Of those questioned, 58 per cent said they would pay more for a product sold by the company they held in the highest regard, even if it were available cheaper elsewhere.

Excellent customer service was cited by 48 per cent of respondents as the factor most likely to enhance a company's reputation, while 36 per cent said the delivery of products and services which met expectations was the key to boosting a firm's image.

A further seven per cent said having a good reputation stemmed from being regarded as a good employer, while just four per cent attributed it to brand appeal.

Poor customer service is most likely to damage a good commercial reputation, according to 42 per cent of people. A further 30 per cent said products that failed to live up to expectations were most to blame, while 17 per cent said business scandals such as fraud or criminal acts were the most important factors.

Just seven per cent thought big payouts to company executives caused the most damage to a company's reputation.

Commenting on the findings, CBI director general Richard Lambert said: "It is clear that companies can never be complacent. A great reputation takes a lifetime to build and seconds to lose.

"But the picture painted by our survey and report shows encouraging signs for businesses willing to go the extra mile and demonstrates that a good quality reputation is worth its weight in gold," he added.