As part of the small business week, Virginia Eastman catches up with one of the UK's most succesful entrepreneurs, Philip Green.

Green is reportedly one of the wealthiest men in the UK, despite being a resident of the tax haven Monaco. He left school at 16 and his career includes the acquisition of Jean Jeanie, Olympus Sports, BHS and now Arcadia Group. Next on his list, Safeway supermarkets.

Virginia asked him how he thought his skills in clothing retail would serve him in the world of food retail.

"The thing about food retailing is that there's guaranteed footfall. You don't get that in clothing, people don't have to buy clothes every week.

As a clothing retailer we've learnt to be innovative, in food retailing, you're driven by price. I think a combination of price and innovation and giving people a better shopping experience, that's maybe what's lacking."

The Office of Fair Trading has decided that Philip Green's investment vehicle is the only Safeway suitor that would not need to be investigated by the Competition Commission should he make a bid for the group. Does he consider himself to be in pole position?

"No I don't," says Green, " I'm not known for overpaying for things and I'm not a buyer of just anything. If the fundamentals add up, we'll go there. If not, we won't"

Green is a cash-buyer in his acquisitions. A unique character in the UK business world, where most of the great 'acquirers' of the last 40 years have been FTSE companies, using paper not cash. How does this change the way he works?

"It means you can move faster. You're not dictated by the needs of reporting to your shareholders at certain times of the year."

Flamboyant business

Philip Green has a reputation as someone who likes the good life, and enjoys his wealth. Does this make him a better businessman asks Virginia?

"It's all about quality of life and finding a happy balance between work and friends and family."

And he loves his job with a passion.

"You've got to love what you do to really make things happen."

For the full interview with Philip Green click on the icon above.