Retail tycoon Philip Green has tabled an offer for high street giant Marks & Spencer (M&S).

Green, the owner of department store chain Bhs and fashion group Arcadia, said he was prepared to pay between 290 and 310 pence a share in cash for the company, as well as 25 per cent interest in the equity of his soon-to-be-listed investment vehicle Revival Acquisitions.

However, he cautioned that "there can be no certainty that any offer will ultimately be made."

Green's offer is subject to a recommendation from the M&S board and a review of financial information from the retailer.

He has also asked for disclosure of the terms and conditions of the contractual relationship between M&S and George Davies, designer of the Per Una women's apparel range.

While Green has personally committed up to £1.05 billion to the equity funding of the proposal, he will command additional funding of £450 million from HBOS, Goldman Sachs and Barclays Capital.

Meanwhile, M&S has ended its contract with Northern Ireland-based clothing supplier Desmond & Sons, causing the company to go into voluntary liquidation with the loss of 260 jobs.

According to Desmonds, M&S had reviewed its supply chain strategy and would in future buy directly from alternative overseas suppliers.

It is expected to cease operations within the next six months.