Maternity and baby goods retailer JoJo Maman Bébé has been acquired in a multi-million-pound deal.
The Newport headquartered firm, set up nearly 30 years ago by its founder and chief executive Laura Tenison, has been acquired by retail giant Next – which has taken a 44% stake – with the remainder by hedge fund Kempner Capital Management.
The deal has seen Ms Tenison leaving the business which currently has 87 stores across the UK and with its online business employs around 950 people.
Comment on the deal, the exact value of which hasn’t been disclosed, Ms Tenison said: “Growing JoJo from a kitchen table startup to being the UK’s leading specialist boutique mother and baby brand has been my priority for the past 30 years.
“I’m exceptionally proud of our achievements, and excited by the opportunities this new partnership will offer to the brand’s future.”
Next said the business would retain its management autonomy and creative independence. The retailer will also be investing in the brand, funded from its own cash resources.
Its chief executive Simon Wolfson said: “Next said the business would retain its management autonomy and creative independence. Next will also make a £16.3m investment in the brand, funded from its own cash resources.
Following Ms Tenison’s departure JoJo Maman Bébé commercial director, Gwynn Milligan, has taken on the role as chief executive.
A JoJo Maman Bébé store (Image: Google Maps)Latest audit financial figures show that for the year to the end of June, 2021, and despite Covid, the business generated revenues of £63.5m (£62.3m previous year) and pre-tax profits of £5.8m (£651,570). The business said this was down to a strong e-commerce performance. Around 10% of its sales were derived from overseas markets.
Ms Tenison set up Jo Maman Bébé from her flatshare in London.
Needing somewhere to house her stock, she then managed to secure a disused carpenter’s warehouse from her father’s business in Pontypool.
Moving to nearby Cwmbran, the company then bought a shed in Newport, where they’ve been ever since. They’ve been at their current premises on Oxwich Road for more than a decade.
Aside from its design studio, which is in London, JoJo Maman Bébé has its head office in Newport, which houses many of its key operations including accounts, customer service, retail operations, warehousing and distribution. The HQ employs nearly 200.
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