£3.6m payday for Paul Smith after a leap in profits

Sir Paul Smith, Britain's favourite tailor, more than doubled his pay last year as his eponymous fashion empire saw profits surge.

Smith, who has repeatedly refused offers to float his company on the stock market, pocketed £3.6 million compared with £1.4 million the previous year.

The huge pay deal comes after the company expanded its worldwide presence to 400 stores despite a retrenchment in China, where he closed unsuccessful stores in Shanghai and Beijing amid slim demand and astronomical rents.

Operating profits in the year to 30 June jumped to £14.4 million from £10.7 million a year earlier on sales of £117 million against £102.8 million.

In a brief statement to the Paul Smith Limited accounts filed with Companies House, he said: "Both menswear and womenswear sales have continued to benefit from good sell-through and strong deliveries."

He recently opened for business in the new Heathrow Terminal 5 but is careful about not opening too many stores.

This week, Sir Paul said: "I'm quite good at business and quite good at design, but I'm not fantastic at either."