High Street miracle worth all the sweat and pain

ABRASIVE, egotistical, short of fuse and the surname is Green. But whereas one Green, Michael, has gone because some institutions decided, finally, they'd had enough of him, another, Philip, powers on regardless. Similar characteristics, same name, no relation, very different outcome.

Philip's shares aren't quoted so there's no 'quiet assassin' plotting against him - and no would-be partner prepared to turn the other cheek.

Even if they were, however, the chances of any investor demanding Philip's head would be non-existent. Because unlike his namesake, Philip has delivered. These figures are nothing short of miraculous, a case study in how to get hold of a collection of disparate retail brands and shake them until it hurts.

For once, the often trotted out boast of executives that they will make the assets sweat is entirely appropriate.

The results don't lie. In a lacklustre High Street, Arcadia's operating profits have almost doubled - despite a small increase in sales.

It's in the back office that Green has shown his true expertise. Margins have been driven up and costs hammered down.

He's right to pay tribute to the 'hard work and skill' of the 24,000 people in the group. You can't help wondering, though, what effort and yes, pain, they've had to endure to produce a performance like this.

If he can do this with the likes of Top Shop, imagine what would happen if he was let loose on Safeway and even Sainsbury's. The more complacent members of their staffs should quit now, before it's too late.