Green snaps up Etam fashion chain

Mr Green's Arcadia Group has more than 2,000 outlets across the UK

UK retail entrepreneur Philip Green is to buy fashion chain Etam, in a deal thought to be worth £10m ($18.7m).

Mr Green confirmed he would be buying the chain's 213 UK stores from French owner Etam Developpement.

He told news agency AFX that the buy was a "strategic fit" for his business, but declined to say how much he was paying for the business.

Etam UK - whose brands include Etam, Tammy and Emily May - posted a £25.9m ($48.5m) loss in 2004.

The buy follows Mr Green's failed £9.1bn bid to buy High Street name Marks & Spencer last year.

The billionaire is owner of Arcadia Group, which includes High Street store chain BhS, and the store brands Wallis, Burton and Top Shop.