Moss Bros non-executive director and Baugur board member Don McCarthy has outlined the Icelandic investor’s plans for the retailer if its takeover succeeds.

He also mounted a scathing attack on the Moss Bros family shareholders opposing a sale to Baugur.

McCarthy said: “Some family interests are not in line with the good of the business. They [the families] have been in the business for the past 20 years and it is going nowhere.”

He said that if the business was left the way it is, it would be “discussed to death by the family – or we can take it and drive it forward”.

Baugur made an indicative 42p-a-share offer this week as the retailer posted a second profit warning. “We believe Moss could grow by another 60 stores and there are opportunities to grow brands within Moss Bros and other retailers. For example, Moss Bros could go into House of Fraser,” said McCarthy.

“We can release capital expenditure to clean up the real estate and, like House of Fraser, the biggest problem is driving the pace through the business.”

He said that, if a takeover is successful, the existing management would be retained and the size of the board reduced.

Some family shareholders have criticised the way Moss Bros has been managed in recent years. Former director and member of the founding Moss family David Moss said: “Baugur is valuing the business based on inadequate management. The franchise agreements [Hugo Boss and Canali] require significant investment and the business has been slow in doing this.”

Moss believes that the business can be transformed while retaining its quoted status if new management is installed.

Another shareholder agreed. He said: “There have been many errors and missed opportunities and they are now in a sorry state of affairs, where shareholders are facing an offer some£10 million under the net asset value of the business.”