Menswear retailer Moss Bros has rejected the latest takeover approach from Shami Ahmed, the entrepreneur behind the Joe Bloggs label famed for its baggy jeans.

Last week Mr Ahmed said he was willing to offer 45-50p per share for the company, valuing it at �45.5m.

Previously Mr Ahmed had offered a minimum of 40p per share.

But Moss Bros, which also owns the Cecil Gee and Hugo Boss chains, said the potential bid was not "fair value" for the business.

And it called on Mr Ahmed to make a "clear formal offer" by the Takeover Panel deadline of 5pm on Thursday.

The deadline was imposed by the panel after Moss Bros complained to the regulator that the bid talk was damaging to its business.

Mr Ahmed has said he wants to see Moss Bros' books to check out the state of the company's finances before he makes a formal bid.

Moss Bros shares stood 1p lower at 39p in morning trade in London.