The department store chain’s current parent company BlueGem has netted a significant return from its 40% stake in the business, having acquired a controlling share of Liberty for £32m in 2010.

BlueGem founder Marco Capello will stay on as non-executive chairman of the business under its new owners, and he alongside a majority of existing Liberty investors will hold onto their shares in the retailer.

Liberty, which was founded in 1875, recorded an 8% rise in group sales to £133m in the year to February 2018, while pre-tax profits more than tripled to close to £7m. about 60% of which has come from selling own-brand lines.