Richard and Lucille Lewin, founders of upmarket women's fashion chain Whistles, are to sell their remaining 50 per cent stake in the business to a team that includes retail entrepreneur Philip Green says a report in the Sunday Telegraph .

Green, who owns high street retailer Bhs, and Richard Caring, a Whistles board director who already owns half of the business, have paid around £5m to take control of the fashion group. Green is expected to take a minority stake of up to 25 per cent and will be given a seat on the board.

Whistles currently has 17 independent stores and 20 concessions in department stores such as Harvey Nichols and Selfridges. Green has promised to retain the Whistles' design team, but says the brand "has lost its way a bit recently."