Green Responsible for Turnaround Arcadia

Philip Green has paid back around £500m of the £808m debt that he took on when he bought Arcadia last year. Results to be published this week will show a remarkable turnaround at Arcadia. Green would not be drawn on the financial performance of Arcadia, although he let slip that sales at Top Shop's flagship Oxford Street store are up 15 per cent, providing a possible pointer for the group's overall performance.

Philip Green is further set to deliver a strong trading update for the Bhs and other Arcadia chains this week. Sources at the privately owned retail empire say sales have been strong and profits should exceed £200m this year.