Phase Eight owner TowerBrook has hired Rothschild to conduct a sale of the womenswear retailer, which is expected to fetch £300m.

US private equity house TowerBrook acquired Phase Eight in 2011 for £80m. It owns about 60% of the business.

Phase Eight generated sales of £141m in the year to February 1. EBITDA was £24m. It is understood it is the best-selling brand in John Lewis, according to The Telegraph.

The retailer operates 400 stores, including 98 overseas.

TowerBrook and Rothschild declined to comment, The Telegraph reported.

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