Design consultant George Davies, who last week announced his departure from Marks & Spencer's Per Una fashion brand, is planning to establish a stand-alone clothing chain to rival M&S.

The new venture is set to be called GIV-e, media reports said, and will be Davies's fourth venture after establishing high-street names Next, George and Per Una.

Davies has denied rumours that he was asking for £150 million to stay on at M&S, which he has been a part of for nearly four years.