Baird Group, the menswear wholesaler and retailer, has been granted a £17m financing from financial services company GE Capital, according to reports.
The business has been seeking financing to support the future expansion of its brands and chains, which include Suits You, Racing Green, Jeff Banks, Alexandre Savile Row and the Youngs hire business.
The financing is being provided through Baird’s BMB Clothing and Worth Valley Menswear subsidiaries. Baird Group is owned by Egyptian holding company Al Arafa.
Speaking about the financing, Baird chairman Peter Lucas told The Independent: “It provides us with the opportunity to consolidate our position as one of Europe’s most dynamic and diverse menswear operations.”
GE Capital regional director Andrew Rhymer said the company is backing Baird because its “diverse business model” allowed it to emerge from the downturn as “a strong performing business”.
Earlier this year, the Suits You chain was put through a company voluntary arrangement following falling sales.