Tie coats another way (5)
I believe the answer is:
ascot
'tie' is the definition.
(I know that ascot is a type of tie)
'coats another way' is the wordplay.
'another way' is an anagram indicator.
'coats' with letters rearranged gives 'ASCOT'.
(Other definitions for ascot that I've seen before include "Type of necktie" , "Racecourse and cravat" , "Where ladies wear new hats" , "Racing to the strange coast" , "Racecourse, home to the Gold Cup since 1807" .)