Insider Media Limited

Bath-based online adult retailer Lovehoney has acquired erotic retailer Coco de Mer for an undisclosed sum.

The deal gives Lovehoney, which was established in 2002 by Neal Slateford and Richard Longhurst, its first presence on the high street.

London-based Coco de Mer was founded by Sam Roddick in 2001 and has a flagship store in Covent Garden selling designer lingerie, sex toys, jewellery and erotic art.

Lovehoney founder Longhurst said: "We're incredibly excited to have the opportunity to continue to develop Sam Roddick's groundbreaking work and make Coco de Mer the world's leading luxury erotica brand."

Coco de Mer will remain as a stand-alone brand, with Lovehoney investing in the Covent Garden shop and extending its range of own-brand products for sale direct to retail customers in the UK, he added.

The new owners will also overhaul the business' online operation.

Roddick will take on an informal role in the company, advising on positioning and product development.

The deal was negotiated by Coco de Mer chief executive Ranjit Singh, who was brought in 12 months ago to restructure it ready for a sale.

Lovehoney bought Bournemouth-based online lingerie retailer BeCheeky out of liquidation in April, following a six-figure cash injection into the independent lingerie and party plan company BlueBella late last year.

The company's most recent accounts showed a turnover of £13.4m for the year March 2011, with pre-tax profits of £1.1m.