Entrepreneur Philip Green announced plans today for a new £10 million retail academy to nurture young business talent in the UK.

The Arcadia Group owner said he wanted to fill a void which he said was being left by schools and universities not producing the sort of new recruits that the retail industry needs.

The new academy, which will be joint-funded by Arcadia and the Government, will offer places to 200 "motivated" 16 to 18-year-olds and is expected to open in London next year, he said.

"We are finding there is a real lack of talent coming through the ranks. It is very hard to find new people."

Mr Green added: "I want to build a retail academy. The academy will be for 16, 17 and 18-year-olds, who don't want to go to university but would like a career in retail."

Students at the academy would get training in "every aspect of the retail business", from marketing to design and finance.

He said he hoped other industries would follow the example of creating a "centre of excellence which will create the next great entrepreneurial talent".