Analysts believe proceeds from the sale could surpass the £22bn raised in Britain's auction.Vodafone shares closed down 5.75p at 281.5p. France Telecom was up 5.9 euros at 141.8 euros.France Telecom is being advised by Morgan Stanley and CSFB, and Vodafone by Goldman Sachs and UBS Warburg.. Moss Bros, the men's clothing company, yesterday delivered further evidence of pain for high street retailers, announcing the closure of one-fifth of its stores, a cutback of its formats and a slump into the red. Moss Bros, the men's clothing company, yesterday delivered further evidence of pain for high street retailers, announcing the closure of one-fifth of its stores, a cutback of its formats and a slump into the red.

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The company, which owns Moss Bros clothing hire, Cecil Gee, Savoy Taylors Guild, The Suit Company, Blazer and The Brand Centre chains, saw its share price fall 10.5p to 37.5p yesterday. Over the past year the stock has fallen from 186.5p.The company cited price deflation and cost inflation, which had put pressure on operating margins.

It said buyers were seeking either more affordable clothing or aspirational brands.Rowland Gee, group managing director, said: "It's a tough market. With this move we are improving the quality of our high street presence, away from dormitory towns to where the action is. Rather than drip-feed our stores out of the equation, we've decided to take a write-off and a hit in one go."Mr Gee said the company, which employs 1,500 staff, had decided to accelerate its rationalisation as a matter of urgency. Moss Bros will close 20 per cent of its 200 stores over the next 18 months, cut down its head office staff and reduce its formats. It is thought that Savoy Taylors Guild and The Suit Company will be merged. The company will have to take a £12m charge, although it expects the plan to boost operating profits by £2.4m a year.Moss Bros said like-for-like sales in the 16 weeks to 20 May were down by 2.5 per cent. Following a profits warning in January, it said yesterday that it will report a loss for the first half of the year, compared with an operating profit of £1.4m for the period last year.Mr Gee said: "What we're seeing is that people want attractive, interesting shops in town, with a well-edited selection, while out-of-town they are looking for deals." Moss Bros plans to expand its out-of-town format, The Brand Centre.Paul Rossington, an analyst at Williams de Broe, said: "The shift from smart to casual wear has really hit them.

They don't sell enough premium labels, and their own brand is not cheap enough to represent value. They're stuck in that classic middle-market ground."Williams de Broe cut its profit forecast from £6.4m to £3m.. Two UK brewers said yesterday that the wave of consolidation sweeping the beer industry could have a positive effect on their businesses by helping to reduce margin pressure. Two UK brewers said yesterday that the wave of consolidation sweeping the beer industry could have a positive effect on their businesses by helping to reduce margin pressure. The comments came as one of the two groups, Wolverhampton & Dudley Breweries, saw its shares slump to their lowest levels since September 1989 in response to news of a fall in the group's first-half profit margins. Shares in the UK's biggest regional brewer closed down 38.5p at 325.5p having hit a low of 309p earlier in the day.