The management of the company, which helps people shop tax-free in foreign countries, continue to be substantial shareholders.

Global Refund was sold by funds advised by Apax Partners, in a deal that values the company at some £248 million.

Barclays’ appointed L.E.K. Consulting to manage a commercial due diligence review of Global Refund.

The review was led by partners Neil Bindoff and Dominic Miles, who undertook a detailed analysis of the drivers of demand for the firm’s tax-free shopping settlement services.

“Global Refund’s growth looks set to continue, supported by the continued increase in global travel,” Bindoff said.