Tie coats in a new way (5)

I believe the answer is:

ascot

'tie' is the definition.
(Ascot is a type of tie)

'coats in a new way' is the wordplay.
'in a new way' is an anagram indicator.
'coats' anagrammed gives 'ASCOT'.

(Other definitions for ascot that I've seen before include "Where the Queen often sees racehorses" , "sporting venue" , "Tie round the neck" , "Royal Berkshire race-meeting (and fashion show!)" , "Racing to the strange coast" .)

I've seen this clue in The Daily Express.

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