Green bullish on future as he takes Arcadia

Tycoon Philip Green expects continued strong performance from retailers, despite fears that consumer confidence and spending is on the wane.

Speaking as he took control of fashion giant Arcadia on Tuesday, after receiving sufficient shareholder acceptances of his£850 million offer, Green said: 'The economy is looking pretty sound and the future for UK retailing is looking pretty good.'

The deal delivers Green a womenswear market share of more than 13 per cent.

Green received 89.7 per cent acceptance on Tuesday and was in Arcadia's head office on Wednesday.

'He's arrived today and I've introduced him to all the key people,' said Arcadia chief executive Stuart Rose.

Rose added that he would remain at Arcadia 'as long as I'm wanted'.

Seymour Pierce analyst Richard Ratner said Green will focus on sourcing.

'He will use his muscle and improve his firepower and sourcing to get another 3 to 4 per cent out of it,' Ratner believed.