Moss Bros in Boss sell-off

MOSS BROS yesterday sold its 15 Hugo Boss outlets in a move to concentrate more on its own brands.

The £16.5m deal sees Hugo Boss taking back the stores, two of which are in the City.

Moss Bros, which also trades as Savoy Taylors Guild and Cecil Gee, has run Hugo Boss stores under franchise since 1995.

But its chief executive Brian Brick is aiming to transform the company through changing product ranges and cost cutting.

Meanwhile, like-for-like sales rose by seven per cent in the 26 weeks to 29 January, the retailer said yesterday.

Brick said: “The company is going in the right direction.

“We have the right product ranges now and we are concentrating on what we are good at.

“That’s why we have sold the Boss franchises, so we can concentrate on what we do best and that is formal wear.”

However, Moss said it would continue to stock some Boss lines in its own stores.

The deal means that Moss Bros is now operating debt free.

Brick said that the money generated by the sale would be used to revamp some stores and open others across the UK. “We are on the lookout for more space,” he added.