The new owner of Rapha has finally been revealed with RZC investments reported to have paid around £200 million for control of the brand.

The buy means Rapha has strengthened its leadership position in cycle clothing, accessories and lifestyle and will be ablw to fulfil its growth ambitions with investment from the US-based investment firm, which is now the majority shareholder in the business.

Founder Simon Mottram will remain as chief executive and has retained a significant part of his minority stake in the business after the buyout by the comapny that is owned by two grandsons of Wal-mart founder Sam Walton.

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The company plans to expand abroad with new stores and the US is likely to be a major focus.

Rapha has made a major impact in recent years with the application of fashion to cycle clothing and a whole lifestyle offer that includes events, club membership, cafés and a wide range of cycling-linked products.

Additional reporting by Sandra Halliday