Infamous entrepreneur Philip Green is said to have handed over the reigns of the retail group Arcadia, which includes high-street chains Topshop, Burton and Dorothy Perkins, to his wife Tina, according to the Guardian newspaper.

The change in ownership to Tina Green, who is a resident in Monaco, would save the family £150 million in tax that would otherwise be payable on the £460m dividend Arcadia is providing them with this year.

If the same occurs with Green's Bhs group it will mean an extra £130m tax saving on the £400m dividends Green and his family have received from the company over the past three years.