The founder of furnishings retailer Oka Direct has sold a majority shareholding in the business to a private equity firm. Annabel Astor remains chief executive after disposing of the equity stake to Fleming Family & Partners for an undisclosed sum.

The founder of furnishings retailer Oka Direct has sold a majority shareholding in the business to a private equity firm. Annabel Astor remains chief executive after disposing of the equity stake to Fleming Family & Partners for an undisclosed sum.

The investment will support further expansion of the business, which has nine shops in London and the Home Counties as well as an Internet sales portal and mail order catalogue.

OKA’s auditor and tax adviser, Russell New, worked on the various tax, due diligence and share structural issues of the deal.

Its team was led by tax partner Vince McLoughlin, who said: “We also advised on and secured approval of relief under the Enterprise Investment Scheme, reviewed and advised on the investment agreements and generally advised the existing management team.”