Simon Berwin, managing director of menswear supplier Berwin & Berwin, has stepped down from the board of Moss Bros after the Trust he was representing sold its 28.6% share in the group.
In a stock exchange announcement, the menswear group said that the Trustees of the H.A. Cann Settlement Accumulation and Maintenance Fund (the Trust) had sold its shares representing 28.6% of the company. The shares have been sold to institutional investors.
Berwin was appointed as non-executive director of the business in 2009 after he led a consortium of investors who bought a 28% stake in Moss Bros from Arcadia owner Sir Philip Green at the end of 2008.
Earlier this month Moss Bros reported that its like-for-like sales had been boosted by an enhanced product offer and revamped stores with like-for-like sales growing 8.8%. For the 16 weeks to May 19, total sales were up 7.9% on last year with business across its retail and hire divisions continuing to perform well.
The like-for-like cash gross profit also grew during the period and was 5.2% ahead of last year.
Berwin said: “We went into the business when it was in disarray, in danger of going bankrupt and had a dysfunctional management team. In the three and a half years we have been involved the business has stabilised. It is now for the first time in six years announcing profits.”
He added that he feels it is now time for the Trust to leave chairman Debbie Hewitt and chief executive Brian Brick to move the business on. “I think it is in an excellent position,” said Berwin.
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