Moss Bross has found a new owner in a £22.6million deal that will see the High Street tailor and suit hire business return to private ownership.

The new owner is the owner of fellow High Street name Crew Clothing, with the bid coming in from Brigadier Acquisition Company, a subsidiary of Regiment Acquisition Company.

That company is majority-owned and controlled by Menoshi Shina, the owner of Crew Clothing.

The offer has been accepted by the board of Moss Bross and will now go forward for shareholder approval.

If approved the deal will see Moss Bross enter private ownership sometime during the second quarter of 2020.

Menoshi Shina said: "We are delighted that the directors are recommending our offer to acquire the business, as we greatly admire the heritage and 169 year history of Moss Bros and the quality and determination of its existing management team.

"We believe that Moss Bros can have a bright future in the private arena and are excited to contribute our expertise and assist in delivering the current strategy.

"We see the Acquisition as an opportunity to partner with an excellent management team to improve Moss Bros' financial performance and protect its heritage, brand and presence on the UK high street."