30 June 2015 - Janet Bird
The acquisition of fashion retailer New Look by a South African investment firm has been concluded.
The chain, which currently has 569 stores in the UK and over 800 worldwide, announced last Friday that Brait had acquired a 90% stake in the business, with the remaining 10% acquired by the Singh family interests and the current management.
New Look also announced that it had successfully refinanced its debt, which the chain believes leaves it more strongly positioned to achieve its strategic goals moving forward.
New Look will be facing the future without non-executive chairman Paul Mason, who stood down when the acquisition was announced. Current Brait Chief Executive John Gnodde will take up the position, with New Look's current Chief Executive Officer Anders Kristiansen, Chief Finance Officer Mike Iddon and Chief Commercial Officer Roger Wightman remaining in their posts.