High street fashion chain White Stuff has been snapped up by South African-based retail firm The Foschini Group (TFG).

It is understood TFG, which also owns Hobbs, Whistles and Phase Eight, will pay around £50 million for the business.

The new owner has said it plans to expand White Stuff’s portfolio of shops and concessions further after positive recent growth for the brand.

The retailer, which was founded in 1985, has 113 stores and 46 concessions in the UK, with a further six stores and 25 concessions across Europe

Revenues for the business grew to a record £154.8 million in the year to April.

White Stuff chief executive Jo Jenkins will continue in the role while founders George Treves and Sean Thomas will step down from the board and leave the business.

Justin Hampshire, chief executive of TFG London, said: “With White Stuff’s strong presence on the high street and significant potential for sustained growth, we are committed to supporting Jo and her talented team with their ambitious rollout strategy to further increase its store and concession estate.

“Simultaneously, TFG London will continue to invest in the White Stuff brand and online offer to drive further awareness and growth.”

George Treves, co-founder of retailer White Stuff, said the company’s sale to TFG is “significant and emotional” for him and co-founder Sean Thomas.

“Today marks a significant and emotional milestone for Sean and me. We have spent over 40 years building this company from the ground up,” he said.

“While this decision was not an easy one, we believe it’s the right next step for White Stuff and know that TFG are committed to providing White Stuff with new opportunities for growth.”

Jo Jenkins added: “This is a very exciting moment for White Stuff and represents the natural next step for our business.

“It builds on the hard work and success the brand has achieved in recent years. TFG London is the ideal owner for our business.

“They value our brand, have a wealth of premium retail experience, and will be excellent long-term owners to support White Stuff’s next phase of growth.”