News
Cavendish advises on £28 million management buy-out of Phase Eight
30 January 2005Phase Eight, the retailer of stylish contemporary women's clothes, shoes and accessories, has been sold for a total consideration of £28.2 million to a management buyout backed by Barclays Private Equity. The sale was initiated and led by [Jonathan Buxton], head of the Consumer Group at Cavendish Corporate Finance.
Phase Eight was founded in 1979 and now trades from 90 outlets throughout the UK. Turnover forecast for the year to January 2005 is £30m, generating operating profits of £3.6m. Phase Eight's strength is in its originality - exclusive designs are combined with beautiful fabrics and unique prints.
The buy out of Phase Eight, led by Chief Executive Joy Walters who joined the business in January 2002, will be chaired by Stephen Sunnucks, formally Chief Executive of New Look.
Notes to Editors
As a vendor-only specialist, Cavendish is ideally placed to help companies identify appropriate opportunities as well as potential pitfalls and translate these into successful sales.
The Consumer Group focuses exclusively on consumer-facing businesses in the retail, leisure and consumer goods sectors. Recent consumer and retail transactions include the sale of Antler (luggage), Olan Mills (photographic studios) and Maximuscle (sports nutrition).