Sir Phillip Green, the billionaire retail magnate, has reportedly bought the 28.5% stake in UK suit retailer Moss Bros held by Icelandic investment firm Baugur.
Baugar’s position as the company’s largest shareholder became untenable following the collapse of Kaupthing, one of the banks caught up in Iceland’s financial crisis, through which the stake was held.
It is a rapid decline for Baugur who in May attempted a takeover of Moss Bros for the second time. Both attempts were thwarted by the founding Moss and Gee families.
However, the Gee family effectively pulled out of company in august this year when it reduced its stake from 8% to 0.5%. The Moss family is understood to retain an 18% stake.
This could now be under serious threat from Sir Phillip, owner of Arcadia Group, who is one of the most notorious yet successful businessmen in the UK.
His stake was acquired through family investment company Walbeck, which is said to be considering all of its options, including making an offer for the whole company.
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