Leading baby clothes retail chain Mothercare has announced it has reached an agreement with high street retailer Bhs over an IT contract worth £3.7 million.

The two retailers, which were once part of the same company, Storehouse, have agreed to settle a claim lodged by entrepreneur Philip Green who took the IT contract with him when be purchased Bhs for around £200m two years ago.

Neither party would today disclose how much the agreement was for but a spokesman for Mothercare confirmed a settlement had been reached and it would be signed "very shortly".

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