His negotiations to buy all – or part – of Baugur’s debt may still be on hold, but that hasn’t stopped Sir Philip Green from making a separate move on the troubled Icelandic company.
On Wednesday, retail tycoon and Topshop owner Green announced that his family investment company Warbeck had purchased a 28 percent stake in Moss Bros, the British men’s chain that specializes in suit rentals, for 6.7 million pounds, or $10.3 million at current exchange.
The statement said Green is also considering making a bid for the remaining shares in Moss Bros. A spokeswoman for Green described Moss Bros as a “one-off opportunity,” and clarified that it was not directly related to the larger negotiations.
As reported, last month Green began negotiating to buy Baugur’s debt which would allow him to take over such British high street companies as Oasis, Karen Millen, Principles, Warehouse and Shoe Studio. Those negotiations are currently on hold as Iceland’s government sorts out the future of the country’s banks, which hold the bulk of Baugur’s debts.