Footwear retailer Kurt Geiger is set to get a new owner, private equity group Cinven, after a reported £245m deal was struck.

Cinven has agreed to acquire the firm from fellow investment fund Sycamore Partners. Cinven paid £245m, according to the Financial Times. 

Private equity group Lion Capital had been touted as a possible buyer for the retailer.

Sycamore Partners acquired the brand last year after it bought Kurt Geiger’s owner, US brand management company the Jones Group. 

Kurt Geiger, which first opened on Bond Street in 1963, has more than 70 stores globally and more than 170 concessions in department stores, including Harrods, Selfridges and House of Fraser.

Its annual sales last year rose 15.4% to £251.8m, helping pre-tax profits jump to £11.3m.