Brian Brick has resigned as non-executive director of Speciality Retail Group (SRG), the company his grandfather founded in the 1920s.

His departure follows the completion of the refinancing of the retailer by its private equity owners Gresham and Barclays Bank last week.

Gresham – led by former SRG chief executive Adrian Wright – bought SRG from Brick in 2005 for£30 million.

Brick said he will move on to other projects. “It’s been two years,” he said. “I saw SRG through the refinancing and it has good people in place. It is time to move on.”

SRG is understood to be close to signing a deal to sell its Woodhouse fascia to brand agency Four Marketing.

Separately, Austin Reed brand manager Yvonne Mulvany is understood to be leaving the retailer after two years.