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SRG completes refinancing

The management of Speciality Retail Group, which owns the Suits You chain, have completed a refinancing of the business.

The company said in a statement that the refinancing package supported by its private equity owners Gresham and Barclays Bank would help the business implement its substiantial growth plans over the coming years. The value of the refinancing was not disclosed.

The new management team, led by chief executive Steve Gipson, said it would focus on SRG's core brands - Suits You, Young's Hire and Racing Green. The cash will be ploughed into shop openings under the Suits You fascia, re-investment in Young's Hire and the development of the Racing green brand.

Gipson said: "The refinancing is a sign of our backer's confidence in the business and management team and will allow us to open at least five new stores in 2008. I am excited by the opportunities that lie ahead of SRG and look forward to leading the business through its next stage of development."

SRG has also appointed Stefania Festi as senior merchandiser from TM Lewin to spearhead its core suit business.

SRG has 66 Suits You stores in the UK and Ireland and six racing Green shops.

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