Icelandic group Baugur is continuing to evaluate its 42p a share offer for struggling menswear retailer Moss Bros.

In a statement today, Baugur confirmed that the consortium, Newco, comprising Baugur and its investment partners is reviewing the results from the formal due diligence process. Baugur made a preliminary indicative non-binding 42p offer in cash for the company on February 25.

Newco is also in the process of arranging financing and preparing documentation in relation to a potential offer. The statement stressed this does not amount to a firm offer and there is no certainty an offer will be made.

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