The Moss Bros founding families are hoping that Berwin and Berwin will buy Baugur's 29% stake, effectively ending the Icelandic company's potential £40 million takeover of the company according to The Daily Telegraph.
The Moss and Gee families have a 26% stake in the menswear chain, and are opposed to Baugur's indicative offer of 42p per share. The newspaper reported that Berwin & Berwin's offer would be above a Baugur offer.
Baugur chairman Jon Asgeir Johannesson said last week that the company had been approached about selling its stake.
Speculation has also been growing that Laura Ashley may be an interested party, after it continued to increase its stake in Moss Bros.