The Moss Bros founding families are hoping that one of its biggest suppliers, the tailor Berwin & Berwin, will buy Baugur’s 29 per cent stake in the retailer to effectively scupper the Icelandic investor’s planned £40 million acquisition of the menswear company, according to The Daily Telegraph.
Berwin & Berwin is reportedly considering approaching Baugur with an offer price above 42p a share for its stake. “Berwin & Berwin is looking at it very carefully”, a source close to the process told the daily newspaper.
Members of the Moss and Gee families, which own a combined 26 per cent of Moss Bros, are opposed to Baugur’s 42p-a-share bid and this latest move appears to be an attempt to block the progression of the offer.
This month, Baugur chairman Jón sgeir Jóhannesson said that the company had been approached by an unspecified individual about selling its stake, but that he was only interested in selling at the right price.
Baugur made the indicative offer for Moss Bross in February and was expected to complete the due diligence process by April 25.
In February, Moss Bros issued its second profit warning since December and two weeks ago posted a£1.4 million pre-tax loss for the year to January.