Brigadier Acquisition Company, the owner of Crew Clothing, is looking to pull out of its £22.6 million deal to take Moss Bros private, just over a month after agreeing the acquisition.

The menswear retailer stated that its buyer was seeking a ruling from the City Takeover Panel to invoke a condition of its offer, following the closure of stores due to the Coronavirus lockdown less than two weeks after sealing the deal.

Moss Bros said it did not believe Brigadier has grounds to lapse the offer and pledged to “take all necessary action to make its case”, adding that it still plans to get shareholder approval at a meeting on 29 April.

Brigadier, which is majority owned by Regiment, and itself controlled by Menoshi Michael Shina - the owner of Crew Clothing - agreed to buy the business for 22 pence per share.

Moss Bros chairman Colin Porter admitted at the time that the board was aware "of the risks attached to executing this strategy in the current retail operating environment and as a publicly-listed company”, adding that the offer reflected the fair value of the group “taking account of the risks”.

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