The retail group behind the Suits You and Racing Green menswear brands changed hands yesterday for an estimated £30 million.
Around 35 new stores are planned over the next three years after former Moss Bros chief executive Adrian Wright took control of the Speciality Retail Group using private equity funds.
Investment will be targeted at the Racing Green brand, which accounted for 20 per cent of the £74 million of revenues generated by SRG in the year to January.
There are six Racing Green stores in the UK currently - the only one in the Midlands is at Bicester, Oxfordshire - and Mr Wright has set a target of close to 25 new ones opening over the next three years.
Describing this as a major expansion in retail terms, Mr Wright said: "Racing Green is a brand that has been asleep.
"If you think of the great British brands that have been reawakened over the past few years such as Ben Sherman then Racing Green ranks alongside those."
Womenswear will be reintroduced to Racing Green from autumn 2006 following the decision of SRG's former owners to focus on men's suits and clothing.
In addition to Racing Green and the 68-strong portfolio of Suits You stores, including Birmingham outlets in the Bullring and Fort Shopping Centre, SRG also owns the Young's Hire service and tailor Chester Barrie operating from Savile Row in London.
Mr Wright said Suits You and Young's would be merged to trade under a single fascia and the plan was to open six to eight new stores each year.
SRG, which has seen trading remain strong since the start of the year, employs more than 600 people in its estate of stores and a further 100 at its headquarters in Borehamwood, Hertfordshire.
It is being sold by the Brick family, although former managing director Brian Brick will take up a non-executive directorship.
Mr Wright is among 20 to 30 managers who will share a 40 per cent stake in SRG following the deal, with the balance held by private equity firm Gresham.
