Philip Green's Topshop and BHS empire saw annual sales slip and warned recent trading had worsened amid the mild autumn weather.

Topshop and Topman were today valued at a staggering £2bn (€2.46bn) after retail tycoon Philip Green sold a 25% stake in the fashion brands.

Billionaire retailer Philip Green is on the verge of selling a significant chunk of his fashion brand Topshop to US investors.