Retailer set for €690m pay day

BILLIONAIRE retailer Philip Green was yesterday in line for a bumper £460 million (€690 million) pay day after clearing his borrowings on fashion empire Arcadia.

The entrepreneur and his family have a 92% stake in the Top Shop to Burtons group, leaving them in line for the lion’s share of a £500 million dividend to be awarded to shareholders.

It came as the group posted what analysts described as “stunning” results, with annual operating profits rising by 30% to £296.3m.

Mr Green, whose £9bn offer for Marks & Spencer failed earlier this year, confirmed he had paid back the £808m HBOS bank loan taken out to buy Arcadia two years ago. The loan carried a six-year repayment schedule. He said the group’s 28,000 staff helped deliver the results despite tough market conditions.

News of the payout comes just weeks after Mr Green’s family collected £40m in dividends from the department store group Bhs. No indication was given of what the billionaire would do with the latest boost in his fortunes.

Arcadia, which also includes the Miss Selfridge and Wallis brands, continued to work on its supply chain and the speed at which new clothes arrive on the market.