A venture capital trust managed by YFM will sell part of its stake in the Sheffield-based business to 3i, a statement from the firm said.

The acquisition amount has not been disclosed. YFM’s shareholding is held through its managed British Smaller Companies Venture Capital Trust, which will keep a smaller stake in the business following the deal.

The VCT originally invested in GO Outdoors in 1998 when the business had only one shop. It has since grown to 30 clothing and equipment stores around the country and aims to open a further ten this year. It sells major brands including Berghaus and NorthFace, as well as its own.

John Graham, chief executive of GO Outdoors, says the company has sales of £115 million and that the additional investment from 3i will enable the business to ramp up its expansion plans.

YFM Equity Partners invests between £100,000 and £10 million of equity and has a current portfolio of more than 250 companies in the UK.