Moss Bros suitor withdraws its request for Takeover Panel ruling review

Moss Bros suitor Brigadier Acquisition Company has withdrawn its request for the Takeover Panel to review its decision not to allow it to pull its £22.6m bid for the menswear chain.

Brigadier, which is which is headed by Crew Clothing Co owner Menoshi Shina, made its 22p per share bid for Moss Bros just before the UK Government imposed a shutdown of non-essential retail in March as a result of the COVID-19 pandemic.

In April it attempted to withdraw the bid citing a material change in the company's circumstances. Moss Bros had been particularly badly hit by the pandemic as the move to work from home and the cancellation of social events meant demand for suits and formal wear plummeted.

For most of the lockdown Moss Bros had closed its online operations, as well as its stores, but its website is back up and running and stores will be permitted to open from 15 June under a phased lifting of the lockdown announced by the Government last night.

The Takeover Panel ruled that Brigadier could not withdraw its bid since it was made after the WHO had announced that COVID-19 was a global health emergency. The investor was given a short window to lodge a request for a review, which it did last week. However this morning it has been revealed that the request has been withdrawn.

It is now anticipated that the takeover will go ahead.