Philip Green weighs up float of MK One

PHILIP GREEN, the retail entrepreneur who led a £548m takeover of the Sears group in January, yesterday said he was considering the flotation of MK One, his discount clothing chain.

PHILIP GREEN, the retail entrepreneur who led a £548m takeover of the Sears group in January, yesterday said he was considering the flotation of MK One, his discount clothing chain.

Mr Green said that he was currently planning an ambitious expansion of the 128-strong chain. Among the options he is pondering is the possibility of reversing the company into an already listed vehicle.

Mr Green said: "We may look at reversing into something, but there are all sorts of possibilities." He said the chain's strong cash position meant that there was no pressure to go public.

MK One is already planning to open another 40 stores in the coming year, having brought 28 outlets on stream in the quarter just ending. Mr Green said: "We're on the lookout for further sites and we will also look at bolt-on acquisitions."

Mr Green said MK One was performing well and successfully competing with listed companies in the value sector. "Nice and quietly, we are probably doing better than all the other people," he said. "Once we were seen as a poor competitor for New Look. Now we are a good competitor."

He said the MK One chain had achieved 22 per cent like-for-like growth so far this year. The company's turnover is expected to increase to about £95m in the year to January 2000, compared with £77m the previous year.

The entrepreneur did not comment on recent reports that he was interested in launching a takeover of Storehouse, the struggling retail group that recently announced plans to break up its Bhs and Mothercare chains.