Mountain Warehouse, the discount outdoor clothing retailer, has been sold for £15m to its management team.. Daily Telegraph

Icelandic retail investment vehicle Arev, which is run by Jón Scheving Thorsteinsson, has backed the management, which is acquiring a majority stake in the 33-store chain.

The vendor, NBGI Private Equity, which is the investment arm of the National Bank of Greece, said it had made six times the original cost of its 2002 investment.