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Retail tycoon criticises UK banks Retail tycoon criticises UK banks
(20 minutes later)
Retail tycoon Sir Philip Green has said that UK banks made "grave errors" in recent years that contributed to the current credit crisis.Retail tycoon Sir Philip Green has said that UK banks made "grave errors" in recent years that contributed to the current credit crisis.
Speaking to the BBC before the release of the latest results of his Arcadia fashion group, Sir Philip said banks had been too keen to give out loans. Sir Philip told the BBC that banks had been too keen to give out loans.
He added that retailers now had to be "good old fashioned shopkeepers". His comments came as his Arcadia fashion group - which owns Topshop and Miss Selfridge - reported a 6% fall in annual operating profits to £275.3m.
Sir Philip also said it was unlikely Arcadia would buy UK shops owned by Iceland's Baugur for the time being.Sir Philip also said it was unlikely Arcadia would buy UK shops owned by Iceland's Baugur for the time being.
'Work harder' 'Tough market'
While Sir Philip implied that the current economic downturn was not yet as severe as in the early 1990s - due to the double-digit interest rates at that time - he said retailers were "all going to have to work harder" to weather the storm.While Sir Philip implied that the current economic downturn was not yet as severe as in the early 1990s - due to the double-digit interest rates at that time - he said retailers were "all going to have to work harder" to weather the storm.
"It's a tough market place," he said, saying that he considered the results at Arcadia - whcih also owns Burtons and Dorothy Perkins - to be "pretty good".
He said sales growth had been strongest at men's clothing retailer Top Man, and he added that he was pleased with the group's continuing overseas expansion, saying it now had more than 500 stores across 32 countries.
Criticising the methods of UK banks in recent years, he said "basically, borrowing as we know was too easy".Criticising the methods of UK banks in recent years, he said "basically, borrowing as we know was too easy".
To ease matters, he said the government and banking authorities should help to ensure that the banks were not too quick to repossess people's homes.To ease matters, he said the government and banking authorities should help to ensure that the banks were not too quick to repossess people's homes.
"There has got to be a very close look at what we do with mortgage arrears, what do we do with home owners," he said."There has got to be a very close look at what we do with mortgage arrears, what do we do with home owners," he said.
"There has got to be a work out period.""There has got to be a work out period."
Returning his attention to Arcadia, whose stores include Topshop, Top Man, Miss Selfridge, Burtons and Dorothy Perkins, he said sales growth had been strongest at men's clothing retailer Top Man.
He added that he was also pleased with the group's continuing overseas expansion, saying it now had more than 500 stores across 32 countries.
Icelandic interestIcelandic interest
Sir Philip recently visited Iceland to explore the possibility of buying a stake in struggling Icelandic investment group Baugur, which owns UK retailers House of Fraser, Karen Millen and Hamleys.Sir Philip recently visited Iceland to explore the possibility of buying a stake in struggling Icelandic investment group Baugur, which owns UK retailers House of Fraser, Karen Millen and Hamleys.
With Baugur currently affected by the turmoil in the Icelandic business sector, Sir Philip said that while nothing had been agreed so far, he remained interested.With Baugur currently affected by the turmoil in the Icelandic business sector, Sir Philip said that while nothing had been agreed so far, he remained interested.
"It is probably a little bit too early… there are political issues... it is quite complex," he said."It is probably a little bit too early… there are political issues... it is quite complex," he said.
"We may do [a deal]. We are ready to do this if we think it is still the right business for us."We may do [a deal]. We are ready to do this if we think it is still the right business for us.
"We have still got our net out.""We have still got our net out."