Updated: Menswear supplier Simon Berwin and a consortium of investors have acquired Sir Philip Green’s 28% stake in Moss Bros.
Berwin said he was representing a Trust, and that several people had invested in Moss Bros. He said that yesterday he had sold down the Trust’s existing 4.9% stake in the business to avoid overtaking the 30% threshold which would have triggered an automatic bid for the company under Stock Market rules.
Berwin and the Trust now hold a 29.9% stake in the business.
Simon Berwin told Drapers “We just hope we can bring some stability to the company at this stage. For the time being what we hope this will do is let management focus on the business and not the board room to make sure it is indeed the best suit retailer in the country. We have no plans for a bid at this stage.”
Yesterday Green issued a statement which said his Warbeck Holdings company, which owned the 28% stake, had no interest in making a full bid for the company. Green bought the stake last month from Baugur for £6.7 million. The sale to Berwin is understood to have made Green around £1.2m.
Berwin was understood to have been keen to buy Baugur’s stake last month but narrowly lost out to Green.