Billionaire retailer Sir Philip Green is around £2.3m poorer this afternoon.
He paid £6.7m for a 28% stake in menswear retailer Moss Bros - 24.95p a share - on November 12. The shares equated to a block held by collapsed Icelandic bank Kaupthing on behalf of investment group Baugur, and came as Green was holding talks with Baugur about its stakes in various UK retailers.
At the time Green said he was considering his options for Moss Bros, which could include an offer for the rest of the company.
Today Green said he had no current intention of making an offer, and Moss Bros shares slumped 10.5p to 16.5p, a 39% decline. Green told Reuters it was not the right time to bid for Moss Bros because "there were too many other things going on" and added: "There are a million things being offered to me."
With all the turmoil in the retail sector at the moment, one wonders what has caught his eye instead of Moss Bros.
