The family shareholders in Moss Bros have denied they played any role in rebel shareholder John Hanson’s decision to exit the bidding race for the menswear chain this week.

The boss of rival chain Greenwoods Menswear claimed one motive for his decision not to bid was that the families were “holding out for a higher offer”.

However, former Moss Bros director and founding family member David Moss said: “The families are not holding out for a higher offer for their shares.” He added his shares were not being offered for sale.

He renewed his attack on the Moss Bros board. “We are still looking for new leadership and for the company to move forward. The bloody board should be pulling out their finger to find a chairman. Keith Hamill resigned back in November and nothing has been done,” he said. Hamill is set to retire later this month.

Last week, a mystery bidder bought a 7.9 per cent stake in the retail chain and Retail Week has learned that another party is in the data room along with Baugur, which is conducting due diligence following its£40 million indicative offer in February.

Boss of BMB and chairman of Arafa Holdings’ retail arm, Peter Lucas, ruled himself out of the race this week. Egyptian Arafa Holdings has completed its acquisition of rival formalwear chain SRG.

Industry sources are increasingly speculating that Baugur may sell its 29 per cent share and at least three parties are believed to be circling the Icelandic investor’s stake since Hanson’s exit.

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