Billionaire retail magnate Sir Philip Green has said he does not plan to launch a takeover of UK suit retailer Moss Bros, whose founding Moss family retains an 18% stake.
Green, who purchased a 28% from troubled Icelandic investment firm Baugur earlier this month, has said that now is not the right time to buy causing the company's stock price to plummet. He is understood not to have met with the family.
It is unclear what the position of the Moss family is given it has failed to make a statement on Green's stockbuilding. However, it would seem that current market conditions are not conducive to selling at a price that the family would deem acceptable.
The company's other major shareholder, the Gee family, reduced its stake from 8% to 0.5% in August when Rowland Gee is stepped down from his role as non-executive director.
Moss Bros was founded in 1851 by Moses Moses who opened two shops in London's Covent Garden area. The company went public in 1947 before merging with Cecil Gee group in 1988.
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