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Who owns the high street: Brait

New Look

New Look was bought by Brait, the South African investment company owned by retail billionaire Christo Wiese, for £780m in 2015. Brait has an 81% share of the “effective economic interest in the equity value” of New Look, but marked down the value of its stake to zero at the end of last year as the retailer battles falling sales and profits.

New Look has been badly hit by the challenging trading environment and increased competition, although turnaround plans are afoot under returning executive chairman Alistair McGeorge to reduce costs and reconnect with customers. Prospective buyers, including hedge and vulture funds, were rumoured to be mulling bids to take control of New Look by buying its debt at the start of this year.

This month it revealed plans to reduce its high street presence by closing 60 of its 593 UK stores in a company voluntary arrangement.

 

 

 

 

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