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Crew Clothing owner to acquire UK's Moss Bros
18 Mar 20 1 min read
Pic: Moss Bros Group Plc
Crew Clothing owner Menoshi ‘Michael’ Shina has agreed to acquire Moss Bros in a deal worth £22.6 million through the Brigadier Acquisition Company, which is majority-owned by Regiment Acquisition Company controlled by Shina, according to an announcement made to the British stock market. The acquisition is expected to be completed in the second quarter of 2020.
Menswear retailer Moss Bros has over 150 shops throughout the United Kingdom.
“We are delighted that the directors are recommending our offer to acquire the business, as we greatly admire the heritage and 169-year history of Moss Bros and the quality and determination of its existing management team,” Shina was quoted as saying by British media reports.
In its recent half-year results, Moss Bros’ revenues grew 1.4 per cent to £65.4 million, bolstered by a 0.6 per cent year-on-year uptick in in-store sales and a 20 per cent surge in online sales. However, pre-tax losses for the period grew to £2.7 million, compared to a loss of £1.7 million the year before.
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Menswear retailer Moss Bros has over 150 shops throughout the United Kingdom.
“We are delighted that the directors are recommending our offer to acquire the business, as we greatly admire the heritage and 169-year history of Moss Bros and the quality and determination of its existing management team,” Shina was quoted as saying by British media reports.
In its recent half-year results, Moss Bros’ revenues grew 1.4 per cent to £65.4 million, bolstered by a 0.6 per cent year-on-year uptick in in-store sales and a 20 per cent surge in online sales. However, pre-tax losses for the period grew to £2.7 million, compared to a loss of £1.7 million the year before.
Fibre2Fashion News Desk (DS)
Disclaimer - All News/Articles items are subject to copyright and no article either in full or part may be reproduced in any form without permission from Fibre2Fashion Pvt. Ltd.
