Berwin & Berwin founder Simon Berwin is understood to be in discussions with two investors to raise the cash to buy Baugur’s 29 per cent stake. The founding family members remain opposed to Baugur’s 42p-a-share offer and Baugur has given no indication about whether it might up its bid.
Moss Bros director and founding family member David Moss said: “Simon Berwin would be a very good partner, because he is a serious player in UK menswear. It could provide an interesting way out of the present predicament of having an unwanted bidder.”
However, many industry sources believe Baugur will proceed with an offer, rather than sell its holding. Baugur was still undertaking due diligence as Retail Week went to press and it was thought the process may drag on into next week.
In the wake of the bid interest, others have been buying into Moss Bros. Laura Ashley has been stakebuilding and holds 6 per cent. Paul Singh, a property and retail trader, emerged as the mystery investor who upped his stake to 8 per cent at the beginning of the month.
David Moss said: “If Baugur does not make a bid for the company, it would be ludicrous for it to remain a shareholder.”