BHS chief to look for new executive

Sir Philip Green is planning to recruit a high profile chief executive to turn around Bhs, after calling off tentative talks to sell the department store chain to Allan Leighton, the Royal Mail chairman. Leighton and Green held informal discussions about a possible deal, which broke off in recent days. Green told the Sunday Telegraph that the discussions with Leighton had been nothing more than " a little flirtation".

It is understood that there are no plans to resurrect the talks. But Green also revealed that he will begin a search for a new, full-time chief executive for Bhs once he returns from his summer holidays. Rather than discuss any possible deals, Green said that he wants to "crack on with the business".