SRG chief to exit in shake-up

SRG is drafting in a new management team

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Menswear retailer Speciality Retail Group, which operates the Suits You chain, is on the hunt for a new chief executive as part of a management shake-up under its new owners.

Current chief executive Steve Gipson is to step down following the acquisition of SRG by Egyptian retail group Arafa Holding last month.

Arafa chairman Peter Lucas, who is also chairman of the BMB menswear group, has been appointed chairman of SRG, replacing Anton Woodhouse.

Finance director Paul Rivers will leave at the end of next month to be replaced by Ian Sperry, who is currently financial controller at the business. SRG has also appointed John Garnett into the new role of property manager to help drive expansion plans. The company was close to appointing a retail sales director, a newly created role, as Drapers went to press.

Lucas said: "Steve and Paul were brought in when Gresham Private Equity bought the business and have done a great job getting it ready for a sale. But now that Arafa has the business, we need people who also have strong operational skills."

Lucas said SRG will open five stores by the middle of the year, he said. SRG has about 70 stores under the Suits You, Racing Green and Young's Hire fascias.