Mr Green’s Arcadia Group has more than 2,000 outlets across the UK. UK retail entrepreneur Philip Green is to buy fashion chain Etam, in a deal thought to be worth £10m. The Arcadia Group currently has more than 2000 outlets in the UK.

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Mr Green confirmed he would be buying the chain’s 213 UK stores from French owner Etam Developpement. He told news agency AFX that the buy was a “strategic fit” for his business, but declined to say how much he was paying for the business.

Etam UK – whose brands include Etam, Tammy and Emily May – posted a £25.9m ($48.5m) loss in 2004. The buy follows Mr Green’s failed £9.1bn bid to buy High Street name Marks & Spencer last year. The billionaire is owner of Arcadia Group, which includes High Street store chain BhS, and the store brands Wallis, Burton and Top Shop.