Baby-clothing chain pockets big pay day

The founder of JoJo Maman Bébé, the maternity and babywear chain, has sold a minority stake to a private-equity firm to help to fund the chain's expansion.

Laura Tenison, who established the business in 1993, has sold the shareholding for an undisclosed value to Magenta Partners, the private-equity firm which boasts Tom Singh, the founder of New Look, as its principal investor.

The retailer, which is a favourite with so-called yummy mummies, wants to more than double sales by 2015, largely by increasing its store count from 36 to 84. The Newport-based chain delivered pre-tax profits of £2.5m, on sales of £27m, according to its latest accounts.