Branded fashion chain Republic has been sold to private equity house TPG for £300m.

The retailer’s management team, led by chief executive Tim Whitworth and brand director Carl Brewins, will continue to run the business and remain investors.

TPG bought Republic from Change Capital, the private equity firm run by former Marks & Spencer director Roger Holmes, which acquired bought a majority stake in five years ago valuing the business at £105m.

Republic, which has 105 stores and offers brands such as G-Star, Diesel and Firetrap, posted annual sales of more than £200m in the year to January 31. Change Capital put the retailer up for sale in April.

Whitworth said: “Republic is a tremendously successful fashion retailer occupying a truly unique multi-brand position in the market. We are very excited to be working together with our new partners TPG and look forward to continuing the evolution of the Republic brand and realising the enormous potential we have before us.”

The deal follows the departure of Republic brand manager Nick Preston. Preston spearheaded a strategy to introduce key young fashion brands such as G-Star, Henleys and Diesel to Republic during his five-year tenure.