Upmarket handbag brand Radley has been bought by private equity firm Exponent in a deal worth £130 million.

It is thought the deal will help advance future growth, particularly in international markets.

Radley – which sells its goods mostly through concessions – launched its transactional web site this year and opened several stores, including sites in London, Manchester and Dubai.

The company is expected to reach sales in excess of£60 million in the year to April 2008. It has increased revenues by nearly 30 per cent in each of the past five years. The existing management team will stay on board.