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Moss Bros stake sold as retailer gets back on track Wednesday, 30th May 2012
A 28 per cent stake in Moss Bros has been sold for 43p a share, as the formal attire retailer saw sales continue to rise in 2012.
The seller, a trust led by Simon Berwin, stands to make £4 million profit from the deal, after purchasing the shares from Topshop owner Philip Green for less than 25p each in 2008.
Berwin, who is founder and managing director of menswear supplier Berwin & Berwin, said that he felt comfortable selling his stake now that Moss Bross looked to be on the road to recovery.
"We went into the business when it was in disarray, in danger of going bankrupt and had a dysfunctional management team. In the three-and-a-half years we have been involved, the business has stabilised. It is now for the first time in six years announcing profits." Berwin said, as reported by the Telegraph on Tuesday.
Moss Bros shares closed up 5.25p at 48p on Tuesday.