BlueGem Capital Partners LLP, a private equity fund, has confirmed its complete purchase of Liberty PLC.

Marco Capello, managing partner of BlueGem, reiterated in a statement the company’s continued support of the British retailer. “Liberty has always been a beacon for cutting-edge artists and designers and an enticing emporium for customers. We believe it is a national treasure – one that we intend to nurture and grow,” he said.

Subsequently, Capello will become Liberty’s Executive Chairman and work closely with a consolidated core team of Liberty directors, including Ed Burstell, managing director Liberty Retail; Sarah Halsall, retail director; Paul Harris, finance director Liberty; and Kirstie Carey, managing director Liberty Art Fabrics.

On a related note, after three years as Liberty's Chief Executive Geoffroy de La Bourdonnaye will return to Paris from London to be with his family and will assume a non-executive director role on the board of Liberty Plc. During his time at Liberty Geoffroy installed a new team and oversaw the renaissance of Liberty; it was not only voted Time Out’s best store in London 2009, but also achieved a 20% growth in sales in 2009, paving the way for Liberty to become profitable for the first time in a decade in 2010.

The company additionally said it will invest in Liberty's iconic Tudor flagship store and expand core areas such as Liberty Art Fabrics, which by popular demand will offer a greater selection of classic fabrics by the meter. The iconic Scarf Room, offering London’s largest selection of scarves, will also relocate to the Ground Floor Central Atrium and a unique watch offering will be introduced into an expanded Jewellery Room. The fashion floors will continue to offer an edited selection of brands such as Phillip Lim, Alexander Wang and Armani.

Liberty also will continue to champion emerging designers in store via its innovative "Open Call" event, which has become an annual creative talent search and is the subject of a BBC TV documentary set to be screened in September.

That month will also see the launch of Manolo Blahnik for Liberty of London, a collection of fabrics and product created exclusively for Liberty by the world-renowned shoe designer.

The Lower Ground Floor men’s department will also be revamped to include a standalone men’s denim room and a foot and salt therapy spa is expected to make its debut on the same level.