Retail Human Resources plc
Phase Eight in management buyout
18 May 2010 09:40
Phase Eight is to be taken over by its management in a deal back by Kew Capital, a business formed by two former Credit Suisse executives on behalf of Russian billionaires Alexander Abramov and Alexander Frolov.
Phase Eight chairman Michael Rahamim is leading the management buyout of the chain, which operates 80 stores and 127 concessions. In the year to January 2009 it made sales of £59.2 million and a profit of £4.4 million. Phase Eight is rumoured to be expanding into Switzerland, Scandinavia and Asia, where it is adding a buying office in China.
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