After a torrid start to the year, Moss Bros claims to have found a glimmer of light on the high street.

The struggling menswear retailer has seen a sharp increase in demand for ties, as customers react to the looming threat of redundancy by smartening up their wardrobe.

Philip Mountford, the chief executive, said that, while general trading conditions remained challenging, tie sales were growing at the fastest pace for more than five years.

He said: “It always happens near to a recession. As things get tough people start to worry about their appearance. Perception is always important in an interview and we are seeing a lot more people buying ties.”

Despite the uplift, a trading statement yesterday revealed that like-for-like sales across the business were down 1.5 per cent in the past 19 weeks.

Mr Mountford admitted that management had been disrupted by the takeover tussle that has engulfed Moss Bros for much of the year.

Baugur, the Icelandic investment group, announced in February that it was mulling a £40 million bid. It scrapped the plans three weeks ago, blaming aggressive stake-building in Moss Bros by Laura Ashley, the home furnishings group. Baugur has retained a 29 per cent stake in Moss Bros, while Laura Ashley holds 10 per cent.

Mr Mountford said the board would now be drawing up a strategy for the coming year. “We have to draw a line and move on.”

Keith Hamill is due to step down as chairman in days. The Times reported on Tuesday that Barry Gibson, the former retail director of BAA, the airport owner, has been offered the job.

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