The man who owns the High Street chain BHS has denied reports that he is planning to pay himself �180m.

Philip Green told BBC News that a dividend would be declared by the company board but he did not yet know how much he would receive.

"I am not receiving �180m," he said.

He was speaking after the store reported the best results in its 74 year history.

Passion

The privately-owned company said its operating profit for the past financial year rose 202% from �33.2m to �100.2m.

My family and I decided we didn't want to float and... we didn't want to sell

Philip Green, BHS

Overall sales increased by 5.4% and sales of womenswear increased by 25%.

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

At the time, the company's annual profits were just �12m.

Mr Green said his passion for the business had helped to turn it around.

Disagreement

He said he had spent 75% of his time concentrating on the products and on the supply chain.

The company's chief executive, Terry Green - who is no relation to Philip - has announced that he is stepping down.

Philip Green said there had been no disagreement.

"I think he likes the idea of doing something privately.

"My family and I decided we didn't want to float and you'll have seen we didn't want to sell."

Terry Green was reported to be keen to lead a management buyout of BHS.

He is now believed to be talking to rival retail company Rubicon whose brands include Principles and Racing Green.