Moss Bros bidder requests Takeover Panel ruling review
Brigadier Acquisition Company has requested a Takeover Panel ruling review after its attempt to pull its £22.6m bid for menswear chain Moss Bros was blocked.
The company, which is headed by Crew Clothing Co owner Menoshi Shina, made its offer for Moss Bros in March just before the COVID-19 lockdown took place. During this time Moss Bros has been obliged to close all of its retail stores and has only just re-commenced trading online after demand for suits and formal wear plummeted.
Brigadier attempted to formally withdraw its offer, saying the business had suffered a material change in circumstance due to the lockdown, but the Takeover Panel ruled on 19 May that it was not permitted to do so, since it made the offer after the COVID-19 outbreak was declared a global emergency.
It was given a short period of time to lodge an appeal, which it has now done. The Panel has said it will convene a hearing and a further announcement will be made in due course.
Moss Bros has been hit particularly hard by the COVID-19 crisis since more and more people are working at home and not buying suits and its hire business has been hit by the cancellation of weddings and other social events over the peak summer season.