Shares in men's fashion retailer Moss Bros have jumped 7.75p to 23.5p after the 28.5% stake previously held by Icelandic group Baugur was bought by billionaire retailer Sir Philip Green.
The stake was held through the collapsed bank Kaupthing, and the news it has been bought by Green, the Bhs and Arcadia owner, comes as little surprise. He had recently flown to Iceland to talk to Baugur about buying its debt and/or its entire business.
The block of 26.9m shares was sold this morning at 24.95p each, and Green has just confirmed he has bought the shares through Warbeck, a family investment company. Warbeck said it was considering all its options, which include making an offer for the whole company.
Earlier this year Baugur abandoned plans for a 42p a share bid for Moss Bros after Laura Ashley, up 3p to 19p, raised its stake in the men's group to 10%.
