Billionaire boss of BHS and TopShop, Philip Green, is donating £5 million to found UK's first fashion and retail academy. After failing to buy Marks & Spencer earlier this year, he is placing his money in a venture that ought to benefit not only the UK, but also himself.

The academy is geared towards 16-19 year olds who do not wish to attend university for a career in fashion retail, but who will be trained in marketing, finance and fashion buying. Green is in negotiations with the Department for Education and Skills to secure further funding for this venture. The academy is set to open in September 2005.