Green drops plans to bid for Moss Bros

Moss Bros lost more than a third of its market value yesterday after the tycoon Sir Philip Green said he had no plans to launch a takeover bid for the menswear retailer and suit hire group.

Sir Philip, whose investment vehicle Warbeck bought a 28 per cent stake in Moss Bros on 12 November, paying £6.7m or 24.95p a share, said now was "not the right time" to make an offer. "We are busy and have plenty to do at this time of year and we are not looking for other aggravation," he added. "It's not the right time at the moment, there are too many other things going on. There's a million things being offered to me."

His announcement hugely disappointed investors in Moss Bros, and its shares subsequently plummeted by 10p, or just over 37 per cent, to 17p – valuing the retailer at just over £16.1m. The revelation that Sir Philip had taken the stake earlier this month led to speculation he would mount a full-scale bid. David Moss, a member of the founding dynasty of Moss Bros, declined to comment on the statement from Warbeck. The Moss family has an 18 per cent shareholding in the retailer but its position regarding the retail tycoon's involvement is not clear.

Sir Philip said he had not met the Moss family. Sources suggested that the family was asking for £1 per share, which would value the group at £94.5m. With the retail sector heading for one of its toughest years in recent memory, the chances of Moss Bros shares hitting that level are remote, unless something extraordinary happens.

Moss Bros includes the high street chains Moss, Cecil Gee and Hugo Boss, while Sir Philip's retail empire covers Bhs stores and the Arcadia-owned chains Topshop, Miss Selfridge and Burton.

Despite putting the brakes on any bid for Moss Bros, Sir Philip said joint initiatives were still possible. "We are talking to the company about doing the [suit] hire in relation to Burtons and Bhs, which is a win-win for both parties," he added.

The entrepreneur is still interested in snapping up other fashion chains, such as Karen Millen and Oasis, from the stricken Icelandic investment group Baugur. Sir Philip flew to Iceland last month to seek a deal with Baugur after the country's banking system collapsed. Last night, he said: "I have not spoken to them for two to three weeks. If something turns up and we can add value we will see what happens."

Baugur was prepared to pay 42p a share for Moss Bros back in May, but stake-building by the Laura Ashley fashion group sabotaged the bid.

Suggested Topics
Start your day with The Independent, sign up for daily news emails
Arts and Entertainment
Written protest: Julia Donaldson, author of The Gruffalo, has sent an open letter to the Culture Secretary
books
Arts and Entertainment
The teaser trailer has provoked more questions than answers
filmBut what is Bond's 'secret' that Moneypenny is talking about?
Sport
Lewis Hamilton secured his second straight pole of the season
f1Vettel beats Rosberg into third after thunderstorm delays qualifying
ebooks
ebooksA special investigation by Andy McSmith
News
Johnny Depp is perhaps best known for his role as Jack Sparrow in Pirates of the Caribbean
peopleBut how did he break it?
Sport
footballDoes Hodgson's England team have an identity yet?
Travel
travel Dreamland Margate, Britain’s oldest amusement park, is set to reopen
News
news
News
Founders James Brown and Tim Southwell with a mock-up of the first ever ‘Loaded’ magazine in 1994
media
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Retirement Coordinator - Financial Services

Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...

Recruitment Genius: Annuities / Pensions Administrator

Negotiable: Recruitment Genius: You will be the first point of contact for all...

Ashdown Group: HR, Payroll & Benefits Officer - Altrincham - up to £24,000.

£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...

Ashdown Group: Learning and Development Programme Manager

£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...

Day In a Page

The saffron censorship that governs India: Why national pride and religious sentiment trump freedom of expression

The saffron censorship that governs India

Zareer Masani reveals why national pride and religious sentiment trump freedom of expression
Prince Charles' 'black spider' letters to be published 'within weeks'

Prince Charles' 'black spider' letters to be published 'within weeks'

Supreme Court rules Dominic Grieve's ministerial veto was invalid
Distressed Zayn Malik fans are cutting themselves - how did fandom get so dark?

How did fandom get so dark?

Grief over Zayn Malik's exit from One Direction seemed amusing until stories of mass 'cutting' emerged. Experts tell Gillian Orr the distress is real, and the girls need support
The galaxy collisions that shed light on unseen parallel Universe

The cosmic collisions that have shed light on unseen parallel Universe

Dark matter study gives scientists insight into mystery of space
The Swedes are adding a gender-neutral pronoun to their dictionary

Swedes introduce gender-neutral pronoun

Why, asks Simon Usborne, must English still struggle awkwardly with the likes of 's/he' and 'they'?
Disney's mega money-making formula: 'Human' remakes of cartoon classics are part of a lucrative, long-term creative plan

Disney's mega money-making formula

'Human' remakes of cartoon classics are part of a lucrative, long-term creative plan
Lobster has gone mainstream with supermarket bargains for £10 or less - but is it any good?

Lobster has gone mainstream

Anthea Gerrie, raised on meaty specimens from the waters around Maine, reveals how to cook up an affordable feast
Easter 2015: 14 best decorations

14 best Easter decorations

Get into the Easter spirit with our pick of accessories, ornaments and tableware
Paul Scholes column: Gareth Bale would be a perfect fit at Manchester United and could turn them into serious title contenders next season

Paul Scholes column

Gareth Bale would be a perfect fit at Manchester United and could turn them into serious title contenders next season
Inside the Kansas greenhouses where Monsanto is 'playing God' with the future of the planet

The future of GM

The greenhouses where Monsanto 'plays God' with the future of the planet
Britain's mild winters could be numbered: why global warming is leaving UK chillier

Britain's mild winters could be numbered

Gulf Stream is slowing down faster than ever, scientists say
Government gives £250,000 to Independent appeal

Government gives £250,000 to Independent appeal

Donation brings total raised by Homeless Veterans campaign to at least £1.25m
Oh dear, the most borrowed book at Bank of England library doesn't inspire confidence

The most borrowed book at Bank of England library? Oh dear

The book's fifth edition is used for Edexcel exams
Cowslips vs honeysuckle: The hunt for the UK’s favourite wildflower

Cowslips vs honeysuckle

It's the hunt for UK’s favourite wildflower
Child abuse scandal: Did a botched blackmail attempt by South African intelligence help Cyril Smith escape justice?

Did a botched blackmail attempt help Cyril Smith escape justice?

A fresh twist reveals the Liberal MP was targeted by the notorious South African intelligence agency Boss