Entrepreneur Philip Green is to take a £500 million dividend from high-street retail giant the Arcadia group.

Green, who owns 92 per cent of the shares in Arcadia, will receive £460m of the dividend.

The announcement comes after record sales figures from the Arcadia group - which includes Top Shop, Burton, Dorothy Perkins and Miss Selfridge - and a 30 per cent hike in operating profit to £296.3m.

Business analysts estimate that the Arcadia business is now worth over £2.5 billion.

Earlier this week Green said he has repaid the £808m loan taken on to buy the group four years ahead of schedule.

And last week he took a £40m dividend payment from his Bhs department store chain.