Next and finance firms buy JoJo Maman Bebe

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Next and a group of finance firms are in the process of buying baby goods retailer JoJo Maman Bebe.

The investment companies managed or advised by Davidson Kempner have acquired a majority of the firm's shares.

There will be no job losses immediately.

Its founder said she was excited by the opportunities the partnership will offer.

Laura Tenison will leave the business she founded nearly 30 years ago.

She said that she was proud of the firm's achievements, having grown the company from a kitchen table start-up to being the UK's leading specialist boutique mother and baby brand.

The commercial director of JoJo Maman Bebe, Gwynn Milligan, has taken over as chief executive.

There are 87 brick-and-mortar shops in the UK.

It currently has more than 900 people working for it.

Staff were told in an email that the deal would ensure the longevity of the brand for generations of new customers.

Next will make an investment in the brand using its own cash, although the value of the sale of JoJo Maman Bebe was not immediately made clear.

Next plans to keep the JoJo brand distinct and grow the business globally using its online shopping infrastructure, such as warehousing and software, to support the up-market baby goods retailer.

The boutique baby clothes will not be sold in Next shops.

JoJo Maman Bebe had to raise prices for the first time in about five years due to rising costs and supply chain issues.

The company had seen shipping costs go up.

She said that the company was having to absorb increased costs because of competition.

Simon Wolfson, Next's chief executive, said in a statement: "We are excited to see what can be achieved through the combination of JoJo's exceptional product with Next's infrastructure and Davidson Kempner as our investment partner."

He said that the investment would not have an immediate impact on the High Street giant's profits this financial year, but he expects it to make a positive contribution thereafter.