Smythson, the luxury leather goods firm, has been sold for £18m.
The retailer, which trades from 15 stores including one in New York and another in Beverly Hills, has been bought by Greenwill, the holding company for Tivoli Group, an Italian leather goods manufacturer.
The Smythson management team, including Samantha Cameron the wife of Conservative party leader David Cameron, are in line to share 1.5% of the £18m as part of a long-term incentive plan, according to The Financial Times.
Paddy Byng, chief executive of Smythson, said: “Over the last 4 years we have expanded the product portfolio, opened new stores, grown new sales channels and strengthened the management team. We are now delighted to be entering the next stage in our development with the support of Tivoli Group and are excited about the future growth of the business.”
The company, whose first store was opened by founder Frank Smythson on New Bond Street in 1887, was bought by Kelso Place Asset Management and Venrex Investment Management in 2005 for £16m.