Jeans entrepreneur Shami Ahmed has purchased a seven per cent stake in UK florescent clothing manufacturer Reflec.

The founder of the Joe Bloggs clothing chain, who failed with an approach for fashion retailer Moss Bros earlier this year, has bought 30 million shares in the Manchester-based company, making him its second largest shareholder.

Mr Ahmed described his investment in the reflective clothing firm, which makes highly-visible work wear and sportswear, as "high-risk" but said he has no plans to take control of the company which posted a first half loss of £1.1 million.