Philip Green, the owner of retailer British Home Stores, is preparing to pay himself a salary of �180m, according to newspaper reports.

The payment would amount to nearly �500,000 for each day of the year and would be in the form of a special dividend.

BHS is privately owned and most of the shares are held by Mr Green, so he is free to decide how much to pay himself without worrying about anyone else's views.

On Wednesday the company is expected to announce record profits for the year.

Turnaround

It is also reported that the company's chief executive Terry Green - no relative to the owner - will announce he is leaving to work for a rival retailer.

Analysts have been predicting profits of �92m for BHS when it reports later this week, but newspaper reports have been betting on a higher figure.

Mr Green bought BHS for �200m in 1999, putting in �50m of his own money and borrowing the rest.

The company made just �12m in 1999.

Cross to Rubicon

According to newspaper reports, Terry Green decided to step down after his attempt to stage an �800m management buyout was rejected by Philip Green.

The plan was backed by venture capital firm PPM Ventures, but is thought to have fallen apart over the question of the price.

Now Terry Green is believed to be talking to Rubicon, a rival to BHS, about personally buying the company for �60m.

Rubicon's brands include Principles, Warehouse and Racing Green.