Racing Green firm sold for £30m

The new owners say the Racing Green brand has been "asleep"

The owner of the Suits You and Racing Green retail brands has been sold for an estimated £30m ($51m).

Former Moss Bros chief executive Adrian Wright has taken control of Speciality Retail Group (SRG) using funds provided by private equity group Gresham.

SRG has 80 stores across the UK and Ireland and employs 700 people.

Around 35 new stores are planned over the next three years, with the Racing Green shops to expand from six to 25 as part of a plan to revive the brand.

Racing Green accounted for a fifth of the £74m revenues made by SRG in the year to January.

Brand 'reawakening'

"Racing Green is a brand that has been asleep," said Mr Wright.

"If you think of the great British brands that have been reawakened over the past few years, such as Ben Sherman, then Racing Green ranks alongside those."

As part of that plan, from autumn 2006 it is planned to reintroduce womenswear to Racing Green after a four year absence.

SRG also owns 68 Suits You stores and Young's Hire service, which are to be merged.

Mr Wright also said there were opportunities to expand the Chester Barrie brand - which operates from London's Savile Row - in overseas markets, particularly the US.

SRG is being sold by the Brick family, but ex-managing director Brian Brick has reinvested some of the sale proceeds and will become a non-executive director.

Mr Wright and other managers will share a 40% stake in SRG and the balance will be held by Gresham.