Moss Bros rallies as Gatemore Capital takes 9.6% stake

10th Jun 2019 09:33

(Sharecast News) - Shares in Moss Bros rallied on Monday as it emerged that Gatemore Capital Management has taken a 9.57% stake in the menswear specialist.The asset manager took an 8% stake in fashion retailer French Connection back in 2017.In a trading update in May, Moss Bros said it was on track to meet market expectations for the full year. The company said total sales for the business were up 1.5% in the 15 weeks to 11 May, with total like-for-like sales 0.2% lower.Sales from the hire department were down 15.6% on the year, meanwhile.Chief executive Brian Brick said at the time: "We are making progress on last year, having recovered from the stock issues and improved our supply chain. Retail and e-commerce sales have shown further improvement against this backdrop. Although Hire continues to disappoint, it is clear this is reflecting a switch from Hire to retail with the new Tailor Me range."At 1005 BST, the shares were up 5.2% at 21.77p.