Suits You parent company Baird Group has been given £17m financing from financial services company GE Capital, according to reports.

The menswear wholesale and retail business has been seeking financing to support future expansion of its brands and chains, which also include Racing Green, Jeff Banks, Alexandre Savile Row and the Youngs dress hire business.

The financing is being provided through Baird’s BMB Clothing and Worth Valley Menswear subsidiaries. Baird Group is owned by Egyptian holding company Al Arafa.

Baird chairman Peter Lucas told The Independent the refinancing provides the retailer with the “opportunity to consolidate our position as one of Europe’s most dynamic and diverse menswear operations”.

GE Capital regional director Andrew Rhymer said the company is backing Baird because its “diverse business model” allowed it to emerge from the downturn as “a strong performing business”.

In February the Suits You chain achieved a Company Voluntary Arrangement following falling sales, as revealed by Retail Week.