Moss Bros is subject to £40 million takeover

Menswear chain Moss Bros is the subject of a £40 million takeover bid from Icelandic investor Baugur.

Baugur is already the largest shareholder in Moss Bros with a 28.55% stake.

Fellow retailer Laura Ashley has built a 5.42% stake in recent weeks.

Baugur owns supermarket chain Iceland, retailers House of Fraser, Karen Millen and Oasis, toy store Hamleys and jewellers Goldsmiths and Mappin & Webb.

Moss Bros said that its director Mark Bernstein had not agreed with the move to open the books. Mr Bernstein represents the Moss and Gee families and owns nearly 27% of the business.

News of the proposal came as Moss Bros warned that full-year profits would fall short of management expectations as it continues to struggle amid ‘ongoing difficulties in the retail sector‘.

Moss Bros, owner of the Cecil Gee and Savoy Taylors Guild brands and UK franchises for Hugo Boss and Canali dates back to 1851, when Moses Moses opened 2 stores in London’s Covent Garden.

His sons Alfred and George branched into suit hire in 1897 and the firm was trading under the Moss Bros banner by 1899.

In 1988, it merged with Cecil Gee and purchased the Blazer chain in 1996, the group now supply formalwear to 40,000 weddings each year.

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