Just days after news broke of a Chinese bid for British fashion chain Phase Eight, its sale to a South African rival bidder has been confirmed.

Foschini Group will buy the brand from private equity owner TowerBrook in a deal valuing the business at £238 million.

Phase Eight was founded in 1979 by Patsy Seddon in South London with the mission to offer fashionable clothing to sophisticated young mothers living in suburbs. It designs its clothes in-house and also sells bridalwear and accessories.

At last count, the company had 108 stores and 196 concessions in the UK and 62 more internationally, including in Switzerland, Germany, Sweden, Singapore, Australia and the UAE.

Phase Eight will now be rolled out across South Africa under its new ownership with The Foschini Group already owning more than 2200 stores in the nation under 17 retail brands covering apparel, jewellery, homewares, mobile phones and sportsgoods.

The South African sale is expected to be formally announced in the next week. Last week, Sky News reported that Shantex, which manufactures and exports textile accessories, was in preliminary talks with TowerBrook, but a deal was not likely until much later this year.