Mountain Warehouse has sold a 20% stake in the business to Inflexion Private Equity Partners.

The minority stake sale, which gives Mountain Warehouse an enterprise value of £310m, will be used to expand the retailer’s European footprint and develop its ecommerce platform.

The retailer currently has more than 220 stores in the UK and 80 overseas.

Mountain Warehouse recorded a 36% leap in pre-tax profits to £26.6m and posted its 21st consecutive year of rising sales in May.

Chief executive Mark Neale said: “I am delighted to be teaming up with Inflexion. They truly understand our business and their investment will help turbo-charge our expansion plans, particularly overseas and online.

“It’s my firm belief that if you have the right products at the right price, in the right locations and provide great service, people will keep shopping with you. It’s great that Inflexion shares that belief and wants to help support the next phase of our growth.”

Inflexion’s managing director Simon Turner added: “We have known the management team for many years, having identified the business as one with an unrivalled brand in the outdoor market.

“Having followed the business for a decade, we understand how management envisage it growing, and look forward to assisting them with their growth in the UK and international markets, as well as with their digital offering.”