Tie coats up (5)
I believe the answer is:
ascot
'tie' is the definition.
(Ascot is a type of tie)
'coats up' is the wordplay.
'up' indicates an anagram (letters get chucked up).
'coats' with letters rearranged gives 'ASCOT'.
(Other definitions for ascot that I've seen before include "Posh racecourse" , "Place for meeting" , "Broad necktie" , "sporting event" , "Racecourse with royal associations" .)