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Womenswear chain Phase Eight has been sold to a group led by Icelandic bank Kaupthing. Jane Norman chief executive Saj Shah and finance director Ian Findlay are also investing in the buyout, alongside ex-Kookai boss Michael Rahamim. Shah and Rahamim have been named non-executive directors of the company. Phase Eight chairman David Brock will remain, but it is thought chief executive Joy Walters will leave once a replacement is found.