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SRG shakes up its management team as chief executive leaves

Gresham, the private equity owner of menswear group SRG, has ousted chief executive Adrian Wright and parachuted in a new management team to drive sales at the business.

Gresham became impatient with lack of top-line growth from the group, according to a source close to the retailer. SRG's fascias include Suits You, Young's Hire, Chester Barrie and Woodhouse.

Chairman Graham Frost said that a new strategy for the future of SRG was being devised, but added that the group faced tough price competition from high street value retailers such as Primark

He said: "Adrian put initial plans in place, but like many initial plans it proved difficult to deliver. The plan for the future is to focus on sales."

Anton Woodhouse has been appointed acting chief executive of SRG. His previous positions include group operations director at Peacock Group.

Retail consultant Steve Gipson will join SRG as retail director on June 18. He has previously worked at Bhs as regional director and at Peacock Group as retail and HR director.

Gresham backed Wright's management buyout of the business, in November 2005, in a deal worth an estimated £30 million. Following the MBO, Wright embarked on a year-long review of the business. The technique had proved successful in his previous turnaround of the Moss Bros chain, where he was chief executive before leaving in 2004.

Current sales at SRG are thought to running below last year's performance, with flat profits. However, the retailer has not broken its banking covenants.

It is unclear what Wright will do with his stake in the business. He was unavailable for comment.

A source from another menswear retailer said: "I'm surprised that Adrian Wright has gone. We have been doing exceptionally well with suits on menswear recently. They are being boosted by demand for school proms and special occasions."

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