Moss Bros on bid alert
Menswear retailer seeks clarification on stakeholdings
March 13 2004
Menswear retailer Moss Bros has gone on the offensive as it prepares for a joint bid or possible rival offers from entrepreneurs Shami Ahmed and Kevin Stanford.
Moss Bros has issued a statement to the stock exchange seeking clarification from Stanford of the size of his holding.
Stanford, founder of the Karen Millen fashion chain, is known to have built up a 5.6 per cent stake in Moss Bros, using contracts of differences held through broker Cantor Fitzgerald. Moss Bros has now asked Stanford to clarify “whether he has an interest in any other shares, whether registered in a nominee name or otherwise”.
Moss Bros has also clarified to the stock market that Shami Ahmed, founder of the Joe Bloggs jeans chain and a previous hostile bidder for Moss Bros, has an interest in 22.6 per cent of shares, again registered with Cantor Ftizgerald.
Stanford had previously built up an 8.9 per cent holding in Moss Bros, which he sold to Ahmed in June last year. As their combined holding approaches the 30 per cent that would trigger a formal offer under stock market rules, there is inevitable speculation in the City that the two are working together.
However, some analysts have suggested that Stanford may be building a strategic stake on his own, hoping to ensure a role in any negotiations should a bid emerge.
Stanford told the Times newspaper last week: “I’’m quite impressed with what the management is doing. The shares are undervalued so I bought in.”
