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Phase Eight parent ponders sale

TowerBrook is considering selling its Phase Eight business after reporting a rise in underlying earnings.

The private equity group is reportedly at the early stage of the process and is not thought to have hired an adviser, although bankers are “jostling” for the mandate, the Telegraph reports. The sale could raise between £200m and £250m.

The move follows reports last month that Phase Eight will expand into the US.

Phase Eight reported a 16% lift in underlying adjusted profits to £24m in the year to February 1. However, the group’s holding company made a pre-tax loss of £1.9m because of interest payments.

It has 407 shops, including 98 outside the UK in locations such as Switzerland and Germany. It is also sold through department stores in the UK and is the biggest-selling womenswear brand in John Lewis.

TowerBrook bought Phase Eight from the administrators of Icelandic bank Kaupthing and management.

Phase Eight and Towerbrook declined to comment on the reports.

 

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