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Barclays Private Equity sells Phase Eight to Kaupthing

25 Jan 2007

Phase Eight, the rapidly growing womenswear retailer, has been sold by Barclays Private Equity, in a deal that values the company at £51.5 million. Phase Eight has been acquired by an investor consortium comprising management, Kaupthing Principal Investments, the Tchenguiz Family Trust and experienced retail investors Michael Rahamim, Saj Shah and Ian Findlay.  

Phase Eight has developed an established presence both in department stores and on the high street under the current management team and now operates 56 high street stores and 92 concessions across the United Kingdom and Ireland. The company has carved a niche in the UK retail market, designing and retailing occasion-wear, smart daywear and accessories with a focus on high quality, original fabrics and finishing.  

David Sherratt, Head of Kaupthing Principal Investments, said: “We are delighted to be investing in Phase Eight and to have the opportunity to work alongside experience retail investors to support the management team in their ambitions to grow the business and brand.”  

Saj Shah, CEO of Jane Norman, the hugely successful fast fashion retailer backed by Kaupthing and Baugur, said “The management of Phase Eight have developed a loyal following for their fashionable, high quality women’s wear.  They have built a fantastic business and I am delighted to have the opportunity to back them in their future development.”  

The Chairman of Phase Eight, David Brock, has invested in the secondary buyout and will retain his role on the Board, supporting the growth of the Phase Eight store network across the United Kingdom, Ireland and selectively overseas.  

Kaupthing supported management and the investor consortium through the provision of equity, debt financing and financial advice to the consortium, acting alongside PwC.  

Eversheds and Pinsent Masons provided legal advice to the investor consortium, whilst Barclays Private Equity received financial advice from Hawkpoint and legal advice from Addleshaw Goddard.

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