OUTDOOR clothing firm Karrimor has finally been sold with a £9 million price tag after weeks of negotiations.

The firm, which employs around 150 at its Clayton-le-Moors headquarters, has been bought by South African leisure group Cullinan Holdings.

And its new owners have pledged a long term commitment to the Karrimor brand.

"Karrimor is a natural fit with our Outdoor Lifestyle division," said Simon Nash, executive chairman of Cullinan. "We have a long term commitment to growing the Karrimor brand and market share.

"After being owned by venture capitalist investors the company will now form part of a group that is a long term holder and that specialises in the same arena as Karrimor."

Cullinan has bought 83.3 per cent of Karrimor with the remaining 16.7 per cent going to a unnamed private investor. For the past two years Karrimor has been owned by 21 Invest, the investment arm of the Italian Benetton family empire. 21 Invest will retain control of Karrimor shops following the deal.

Cullinan, listed on the Johannesburg Stock Exchange, was founded by Sir Thomas Cullinan in 1902.

The group includes the Cadac brand of camping and barbeque equipment - the biggest in Africa. Karrimor, one of East Lancashire longest established companies, began as a manufacturer of cycle bags in the 1940s.

It now sells products including rucksacks, clothing and footwear to 22 countries worldwide.

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