Baugur moves on Moss Bros

Moss Bros has confirmed that it has received an indicative offer in cash at 42p per share from a new company to be formed by Baugur and certain investment partners.

The announcement came alongside a profits warning as retail LFL sales were flat against last year for the 52-week period. Total sales for the same period were down 3.2% as a result of planned store closures. The profit before non-recurring items for the 52 weeks ended 2008 will be lower than management’s previous expectations the company said.
Baugur had been facing pressure from Moss Bros family shareholders to declare its hand since saying back in December that it was weighing up an offer.

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