Sir Philip Green starts his Christmas shopping
Retail billionaire Sir Philip Green has just coughed up £6.7m for a 28 per cent stake in Moss Bros, the menswear chain. The surprise move gives the Arcadia and Bhs owner an even larger chunk of the British high street.
It’s an attractive deal for the Croydon-born entrepreneur: Moss Bros has zero debt and no pension scheme.
Observers believe Sir Philip, who apparently completed the deal in just five hours, could put in a second bid to buy the remaining shares from Baugur – the stricken Icelandic retail investor – or increase his stake to over 50 per cent.
The Moss Bros shares were bought through Warbeck, an investment vehicle controlled by the Green family.
Related articles:Sir Philip Green: the definitive profilePhilip Green: business is "horrible" Retailers vs landlords. It's war
Picture source