Arcadia tycoon Sir Philip Green will plough £135m of investment into the business and will sell product from his flagship Topshop brand on Asos for the first time as part of a turnaround programme.

Arcadia chief executive Ian Grabiner outlined details of recovery initaitives in an email to staff earlier this week, the Daily Mail reported.

Arcadia will spend £75m on refurbishing run down stores and £60m will be invested in improving online operations including a VIP delivery service – allowing customers to choose and outfit in the morning and have it delivered the same day – and the Asos partnership.

The plans were revealed as Arcadia prepares for a creditor vote on a proposed CVA next week.

Green is proposing to shut 23 stores in the UK and Ireland, and cut rents on many more, as well as reorganising Arcadia’s pension scheme.

Green told the Daily Mail: “The young fashion market has been under ferocious attack and there are other issues including business rates.

“But I am not blaming anyone. We have clearly got things wrong or done things wrong. We have to repair the damage from the last couple of years.

“We are ready to work even harder to achieve that. We have a wonderfully loyal staff, many of whom have been with us in excess of 10 years, and a fantastically loyal supply chain. There remains a lot of value in these brands.”