Phase Eight finds buyer

The Phase Eight fashion business will be sold to The Foschini Group, a Cape Town headquartered retailer. The Foschini Group will acquire 85 per cent of Poppy Holdco Limited, leaving Phase Eight’s management with 15 per cent and enabling the private equity group Towerbrook to exit the business. Phase Eight,  which achieved sales of £141 million for the year to 1st February 2014, operates from over 400 stores, mostly in the UK but with a quarter of them overseas, and has developed a successful ecommerce arm.  The deal is expected to see the Phase Eight fascia roll out in  TFG stores and concessions in South Africa.