Next buys fashionable clothing retailer JoJo Maman Bebe

Retailer Next has bought baby clothing and maternity wear retailer JoJo Maman Bebe.

Next will invest £16m in the company and will use its online retail experience and infrastructure to look to grow the business. The value of the deal has not been disclosed.

The deal is in partnership with a group of finance firms led by hedge fund Davidson Kempner. The funds will take a 56% stake while Next will hold 44%.

Next’s chief executive Simon Wolfson said: “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.”

JoJo Maman Bebe’s founder Laura Tenison will leave the business while its commercial director Gwynn Milligan will step up to chief executive.

It has 87 stores and staff have been told the new owners “are keen to keep our stores where they are trading profitably”.