Profit of £4m suits sellers of Moss Bros stake
A TRUST headed by menswear chief Simon Berwin yesterday sold its stake in Moss Bros – the once ailing suit hire firm formerly owned by Sir Philip Green.
The investment consortium landed a £4m profit, selling its 28 per cent stake for 43p a share, compared to a purchase price of just below 29p when it bought from Arcadia owner Sir Philip in 2008.
Simon Berwin, managing director of menswear supplier Berwin & Berwin, said he felt comfortable selling out now Moss Bros’s fortunes have improved.
In March the firm reported it had swung to a full-year profit, aided by cost cuts and improved sales across both its hire and retail businesses, and said it would pay a dividend for the first time since 2007.
Sir Philip originally bought the shares from Iceland’s Baugur, which was in the grip of the Icelandic financial meltdown, but sold after two weeks for a £1m profit.
The new buyers of the shares are said to be institutional investors.
Shares soared 9.94 per cent, ending at 47p.