Bidco to acquire Moss Bros in multi-million pound deal
Bidco has announced it has reached an agreement to acquire the entire issued share capital of menswear brand Moss Bros.
The firm has agreed to purchase the formalwear specialist, which has been valued at around £22.6m.
Menoshi Shina, director of Bidco, commented: “We are delighted that the directors are recommending our offer to acquire the business, as we greatly admire the heritage and 169 year history of Moss Bros and the quality and determination of its existing management team.
“We believe that Moss Bros can have a bright future in the private arena and are excited to contribute our expertise and assist in delivering the current strategy.
“We see the acquisition as an opportunity to partner with an excellent management team to improve Moss Bros’ financial performance and protect its heritage, brand and presence on the UK high street.”
Colin Porter, chairman of Moss Bros, added: “In September, the board of Moss Bros set out its strategy to drive Moss Bros’ long-term performance and we have seen some early positive results which support the board’s confidence in Moss Bros as a standalone entity.
“However, the Board is also aware of the risks attached to executing this strategy in the current retail operating environment and as a publicly-listed company.
“Having considered a range of strategic options, the board believes that the terms of the Acquisition, which offers a premium cash exit to Moss Bros’ shareholders, fairly reflect the value of Moss Bros and its prospects, taking account of these risks.”
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