Retail giant Next has confirmed it will buy clothing brand Fatface for £115m.

Fatface, which has stores in Gloucester, Cheltenham, Cirencester and Stow-on-the-Wold will continue to be run by its own management and retain its "creative independence", as reported by the BBC.

The brand was taken over by a consortium of lenders in 2020, when retailers were struggling during the pandemic. Next has sold its products online since 2016.

The deal with Fatface is likely to complete in the next few weeks, with Next set to pay the brand's current owners using a combination of cash and new shares in Next.

It is the latest in a long line of high street buys for Next, which has snapped up Cath Kidston, Joules and Made.com, as well as buying stakes in other retailers, including Reiss and JoJo Maman Bébé.

Last week, Fatface reported a rise in profits of 198% to £17.3m, from £5.8m, in the 52 weeks to May 27.