By Jonathan Davies

Sir Philip Green has sold department store BHS to investment firm Retail Acquisitions Ltd for £1, according to the BBC.

BHS was part of the Arcadia Group, which is owned by Sir Philip and includes fashion retailers like Burton, Topman and Topshop, Evans and Dorothy Perkins.

Sir Philip had made his intentions to sell BHS clear after reporting a loss of £69.6m on sales of £675.7m in 2013.

The department store chain was founded in London in 1928 and now employs 12,000 people with 180 stores.

Sir Philip said: "I am pleased that we have found a buyer in Retail Acquisitions Ltd who wants to develop the BHS brand.

"Having acquired the business nearly 15 years ago in May 2000, one of my clear objectives in identifying a purchaser was ensuring their desire to take the business forward."

Retail Acquisitions was launched last year, largely to push through the sale of BHS, and consists of a number of investors and brokers.