Laura Ashley has upped its stake in Moss Bros to 9.79 per cent as Icelandic investor Baugur continues to circle the menswear group.

The retailer has bought a further 2.2 million shares for 46p a share, 4p above Baugur’s 42p a share indicative offer for the menswear group.

The serial stake building, handled by Laura Ashley’s investment subsidiary Bagleys Investments, will fuel further speculation that it is planning a counter bid for Moss Bros.

Less than 10 days ago, Laura Ashley upped its stake to 7.45 per cent, up from 6.3 per cent to 6.65 per cent the month before.

Moss Bros posted a pre-tax loss of£1.4 million for the year to January 26.

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