Green snaps up Etam

Billionaire tycoon Philip Green extended his retail empire today by clinching a deal for loss-making UK business Etam.

Mr Green, who owns fashion brands including Top Shop and Dorothy Perkins, finalised the deal last night with French owner Etam Developpement.

He declined to put a price on the deal, which marks his first acquisition since landing the Arcadia group of companies for £850m (€1.2bn) in 2002, but analysts believe it could have cost up to £10m (€14.6m)

Mr Green said a key attraction of the deal was the Tammy brand and pledged to examine the prospects of Etam before deciding on the chain’s long-term future. The UK business of Etam features more than 200 stores.