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TowerBrook targets overseas expansion for Phase Eight

Phase Eight is poised for rapid expansion in the UK and overseas following the sale of a majority stake to private equity firm TowerBrook Capital Partners for about £80m.

The contemporary womenswear retailer, which has 88 stores and 143 concessions in the UK and Republic of Ireland, would not reveal which overseas territories it would enter first but it is expected to target the US and Asia.

TowerBrook also owns a majority stake in luxury footwear brand Jimmy Choo and has overseen its expansion in those regions.

Phase Eight will also increase its footprint in the UK and RoI, adding larger sites in major cities to a portfolio which has traditionally focused on market towns, and is also expected to expand its product offer, putting an increased emphasis on accessories. There are not expected to be any significant changes in Phase Eight’s management team.

TowerBrook managing director Winston Ginsberg said the private equity firm believed Phase Eight could “achieve substantial additional growth though further leveraging its brand and expanding its network of stores”.

TowerBrook bought the stake from its management following negotiations to refinance the company’s debt, which was provided by failed Icelandic bank Kaupthing.

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