SRG comprises high street brands such as Suits You, Racing Green, Young’s Hire and Chester Barrie and produced turnover of around £74 million for the year to January 2005. Trading is also said to be strong for the current year and 35 more stores are expected to be opened in the next three years, adding to the existing 80.
CEO Adrian Wright is joined on the board by his FD from Bluewater, Steve Johnson, while Paul Hick, former CEO of Lee Cooper Group, will take the chairman’s seat. Gresham director Paul Canning will also join the board.
‘We are delighted to be backing such a highly experienced management team and investing in a well established, profitable business which we believe has strong potential for further development and expansion,’ commented Canning.
‘This is a strong company in a growing sector which is being driven by renewed interest in well-cut, well-made, high quality suits,’ enthused Wright. ‘There is a real opportunity to achieve further growth through investment in our people, our brands and new stores.’