Sir Philip Green sold his 28 per cent stake in Moss Bros, the gentlemen’s outfitter, yesterday, locking in a profit of £1 million in just over a fortnight.

The news came a day after the Bhs, TopShop and Dorothy Perkins tycoon said that he had decided not to bid for the company.

Warbeck, Sir Philip’s vehicle, said that he had sold the holding to HA Cann, a trust represented by Simon Berwin, the clothing supplier, whose clients include House of Fraser, Next, Ted Baker and Moss Bros itself.

The trust now holds 29.99 per cent but immediately said that it had no intention of making an offer for Moss Bros.

Sir Philip had bought the Moss Bros holding – previously owned by Baugur, the Icelandic retail investor – on November 12. At the time, he bought Moss Bros shares for 24.95p each, but the sale price yesterday of 28.85p means he has made a profit, before brokers’ fees, of £1,048,980.

Mr Berwin, whose Leeds-based company Berwin & Berwin holds the UK suit licences for Ben Sherman, Chester by Chester Barrie, Paul Costelloe and Daniel Hechter, said that he had bought the stake to ensure stability for the company. He added: “We wanted to see some stability, to have someone in the industry who cares and can give the whole company some stability and continuity.”

Mr Berwin and the trust bought a 4.28 per cent stake in Moss Bros from members of the founding Gee family in June.

It is understood that he sold that stake down before yesterday’s share purchase to avoid taking the trust’s holding above 29.99 per cent, which would have automatically triggered a takeover bid.

Shares in Moss Bros, which is Britain’s third-biggest retailer of men’s suits, rose by 11¾p to 18¾p. That values the company, which owns the Moss and Cecil Gee brands and is the UK licensee for Hugo Boss, at about £17.7 million.

Baugur itself considered making a £40 million takeover bid for Moss Bros earlier this year, but abandoned its plans in May. This was scuppered after Laura Ashley, the Malaysian-controlled home furnishings and fashion retailer, accumulated a 10 per cent stake in Moss Bros. Baugur has stakes in British high street names such as Debenhams and House of Fraser.

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