The owner of British casual wear retailer Crew Clothing has completed its GBP22.6m (US$28.6m) acquisition of suit and formalwear menswear specialist Moss Bros.
The board of Moss Bros had agreed to the terms of a cash offer of 22 pence per share by Brigadier Acquisition Company back in March. Brigadier is majority-owned by Regiment Acquisition Company, which is, in turn, majority-owned and controlled by Menoshi ‘Michael’ Shina, the owner of Crew Clothing.
Moss Bros was established in 1851 and operates more than 120 stores across the UK.
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By GlobalData“We are hopeful that with Brigadier’s support, a heritage UK high street brand can be saved and returned to profitability,” says Jamie Peel, director of corporate finance at Zeus Capital, which advised on the take-private deal.
Shina adds: “Having now completed the acquisition we look forward to working with the Moss Bros management team to stabilise and improve the performance of the business in a challenging retail environment.”
The retailer has been among those hardest hit by the lockdowns imposed around Covid-19 and the cancellation of events and gatherings where its formalwear is in demand.
