Yet he is wealthy not just in financial terms, ranking fifth in this year’s Sunday Times Rich List, but in his appreciation of retail history. The cornerstones of his retail empire, Bhs and Arcadia, include hallowed mid-market names. The Burton chain, for instance, was founded 105 years ago by Montague Burton, who became a household name after providing uniforms in both world wars and one-third of the demob suits issued to returning heroes in the late 1940s.

The fascias of Mr Green’s takeover targets, such as Marks & Spencer, also typically incorporate an establishment hue.

On such an assessment, the British Etam stores Mr Green has bought today for a reported £10 million represents a perfect fit for the rest of the group. The 210-strong UK chain was founded some 80 years ago. The group which has sold it, Etam Developpement, dates back to 1916.

History, however, is not necessarily a guide to the future. Many have questioned whether the British Etam stores have a future at all after making a profit only once, three years ago, in the last 11 years.

In 2004, the division reported an operating loss of €31.7 million (£21 million), or about £100,000 a store. One-off charges relating to the disposal of the unit and the write-off of goodwill took the total losses attributed to Etam UK to €74.6 million.

Like-for-like sales fell by 7.2 per cent, and this in what has been billed, unlike 2005, as a robust retail year.

When the sale of the chain was announced in January, analysts foresaw it being divided Allders-style between buyers interested in the properties rather than the fascias.

Mr Green, judging by comments this morning, is interested in both brand and buildings. Asked how long it might take to turn the business around, he said, "I don’t know, but we’ve got a good track record." He was speaking six months after pocketing £500 million in dividends from Bhs and Arcadia.

And Etam UK is the perfect Green turnaround case. For a start, the chain is hugely reliant on domestic suppliers, leaving Mr Green scope for cutting supply costs by placing orders with foreign suppliers. The placing of Etam within Arcadia, which includes Dorothy Perkins, Miss Selfridge and TopShop, will allow back office synergy savings.

This before any of the infrastructure or property revamps exploited by, for example, Debenhams’ private equity owners to lucrative result.

Indeed, what is startling of Mr Green’s success is that it is built on lowering costs rather than raising turnover. Arcadia, for instance, achieved a 95.8 per cent rise in profits in 2003, yet same-store sales rose by a modest 2.5 per cent. Last year, Arcadia’s pre-tax profits rose by 153 per cent despite a fall in same-store sales.

The prospects of Mr Green profiting from Etam UK are only enhanced by him buying the business for £10 million.

Expect the entrepreneur to receive bumper payday in about 18 months time from handing a future to another historic high street name. What a shame for Boots shareholders that his interests do not extend below clothing into skincare.

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