Moss Bros buyer attempts to retract offer amid coronavirus disruption

The investment vehicle made its offer for Moss Bross in March, just two weeks before the business shut down all its stores and closed its ecommerce operation amid coronavirus-induced disruption.

Brigadier is owned by Regiment Acquisition Company, which is majority-owned and controlled by Crew Clothing owner Michael Shina.

A statement from Moss Bros said it “has been informed by Brigadier Acquisition Company that it is seeking a ruling from the Takeover Panel in order to invoke a condition of its offer and lapse its offer” for the retailer.

The investment vehicle is attempting to allow its offer to lapse under the condition that the events of recent weeks are “of material significance… in the context of the offer”.

Moss Bros, which temporarily ceased all retail operations including online on March 26 amid the coronavirus outbreak, has said it “will take all necessary action to make its case that those requirements have not been met and that the offer should not, therefore, be permitted to lapse”.

The acquisition was previously expected to be completed during the second quarter of 2020.

At the time of the offer being accepted, Shina said: “We believe that Moss Bros can have a bright future in the private arena and are excited to contribute our expertise and assist in delivering the current strategy.”