Mountain Warehouse’s management has taken full control of the outdoor clothing retailer and plans to expand its European store count to 300 shops.

The company has bought out minority shareholder Lloyds Banking Group’s private equity arm in an £85m deal.

Mountain Warehouse boss Mark Neale led the deal with funding from Royal Bank of Scotland and Alcentra.

Neale, who now owns 85% of the business, said that the retailer will continue to push on with its expansion plans. It operates 169 stores at present.

Lloyds’ private equity arm, LDC, has held a minority stake since August 2010.

Neale said he received “fantastic support” from LDC but added that he was pleased to have regained control of the company.

He said: “Having had four private equity investors over the last 16 years, we have now taken the opportunity to buy back full control and to push ahead with our exciting expansion plans.”

Mountain Warehouse’s turnover has jumped from £47.5m to £75.6m in the three years since LDC invested in the firm. It has also opened 60 stores over the period.

Neale now sees the potential to expand to 300 stores across Europe. It already has six stores in Poland where further openings are planned.

In its current year, the retailer’s like-for-likes have risen 10% despite the hot summer.