Day, 51, is breathing new life into Austin Reed, which has clothed such luminaries as Sir Winston Churchill, the Beatles and France’s International Monetary Fund boss Christine Lagarde. Last year it went into administration, with the loss of 1,000 jobs and 120 store closures, but Day plans to open 50 new premises for the retailer by 2018, including a flagship London store. He owns Dumfries and Galloway clothing business Edinburgh Woollen Mill and budget fashion chain Peacock, which has headquarters in Cardiff, with 100 more stores scheduled to open over the next two years. In 2015-16 the parent company made £90.9m profit on record sales of £576.3m and with £320.1m net assets is worth £1.1bn. Stockport-born Day, who lives in Cumbria, owns all of the business. Last year he paid himself a dividend of £30.5m.