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Phase Eight appoints Michael Rahamim as chairman

Phase Eight has appointed former Kookai UK boss Michael Rahamim as chairman, following the departure of previous chairman David Brock.

Former Phase Eight chief executive Simon Rider left the business in November, but it is unclear whether a replacement will be appointed.

Rahamim said: “I am looking at a number of options. I am spending time with the management team. I am chairman at the moment.”

Rahamim already owns a substantial stake in the bridge-level business which is backed by Kaupthing, one of the Icelandic banks that collapsed at the end of last year.

In the year to January 26, Phase Eight’s profit-before-tax dropped almost 30% to £3.1m. Operating profit at Phase Eight deteriorated 24% to £3.4 million, on sales of £53.1 million. Profit-after-tax also halved to £2 million, compared to £4.3 million in the year to January 07, according to accounts filed at Companies House.

Phase Eight’s clothes and accessories, aimed at 30- to 40-something women, are sold at around 70 shops and 100 concessions in the UK.

In 2007 Phase Eight was bought by Kaupthing-led consortium which included Jane Norman chief executive and finance director Saj Shah and Ian Findlay, property tycoon Robert Tchenguiz and Rahamim, for £51.5m.

Rahamim was previously chief executive of Forminster, whose subsidiary Ajustbetter held the UK licence for Kookai until the French parent company decided not to renew it in January 2006. It then set up a joint venture with entrepreneurs Michael and Maurice Bennet and Amery Capital to run Kookai in the UK.

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