Savile Row tailor Hardy Amies is forging ahead with plans to open up to 10 stand-alone stores, following the news that an employee stole more than £350,000 from the business.
The growth will be funded by a £3 million cash injection from major stakeholder Arev.
Hardy Amies chief executive Nigel Brunning said up to 10 stores could open next year in prime city locations. The company has drafted in Cruise director John Heath as non-executive director to help with the retail expansion.
The business, which currently has one shop on London's Savile Row selling bespoke tailoring, also has a ready-to-wear menswear line, Hardy Amies London, which launched last autumn. It sells in retailers including Harvey Nichols, Flannels, Limeys and Woodhouse, with suits priced at about £450.
Brunning said the company was scouting for UK sites of about 1,000 sq ft for the openings. He said: "Some of the established tailoring brands in that price area are paying less attention to quality. Hardy Amies has a great name and heritage, and Hardy Amies London has established itself over the past few seasons, so there is a real opportunity for us in that market."
Hardy Amies announced last week that an employee stole more than £350,000 from the business last year, in an embezzlement that is likely to have gone back several years. The company said police had issued an arrest warrant in connection with the theft.
Brunning said: "We now have much stronger financial controls in place and this is just a blip in our plans."
The business has appointed Jason Roberts as sales manager for Hardy Amies London. He previously fulfilled the same role when the brand was licensed to BMB Clothing.
Icelandic private equity group Arev owns a 49.3% stake in Hardy Amies.
For the year to December 31 the business posted a pre-tax loss of £2 million, compared with a loss of £1.1m the year before. Turnover at the brand was £1.2m.