Men’s formalwear retailer Moss Bros Group remained in limbo this week after potential buyer Baugur confirmed only that it and investment vehicle Newco continued to review due diligence.

The Icelandic buyer said: “A further announcement will be made in due course.”

Moss Bros revealed on February 25 that Baugur had made a preliminary indicative, non-binding 42p offer in cash for the company.

However, Tuesday’s update by Baugur served only to confirm that Newco was still in the process of arranging financing and preparing documentation in relation to any potential offer.

The statement emphasised that there is no certainty an offer will be made.

Moss Bros has been the subject of takeover rumours since last year and Baugur confirmed in early December that it was considering tabling a bid.

On Tuesday, Laura Ashley increased its stake in Moss Bros as a further share acquisition took its stake to 6.66 per cent.

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

Topics