Speciality Retail Group (SRG) has appointed Nick Keyte as managing director of the formal menswear chain, with Peter Lucas assuming the roles of chief executive and chairman.

Keyte has been promoted to the role after new owners Arafa Holdings initiated a management re-shuffle. Mike Rich takes over as sales and marketing manager with Ian Sperry assuming the role as SRG financial director from Paul Rivers. In July, John Garnett will also join the business as property manager.

SRG chairman Peter Lucas said that Keyte would be working closely with outgoing chief executive Steve Gipson to ensure a smooth handover. “This is a very exciting time for SRG as we work together to restore the business to its rightful place as Britain’s best retail outlet for quality menswear designer brands at affordable prices,” he said.

Lucas also confirmed three new sites to open this year in Liverpool, Merry Hill and Westfield.
Arafa Holdings, which bought the business in March, has invested a further£3.7 million in SRG increasing its stake from 40 per cent to 60 per cent.

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