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Three New Look directors step down as IPO prospects remain distant

Three of New Look’s non-executive directors have stood down it has emerged, indicating that an IPO of the value fashion group is unlikely in the near future.

EasyJet chief executive Carolyn McCall, William Grant & Sons chief executive Stella David and former ITV finance director Henry Staunton have all resigned in recent weeks.

New Look, which is backed by private equity groups Apax and Permira, intended to float earlier this year but the plan was put on ice in February because of turbulent market conditions.

The decision of the three directors to resign signals that a renewed attempt to bring New Look to market remains some way off.

In recent weeks retailers have fallen out of favour with the City after cautious updates from store groups such as Next.

The impact on consumers of public spending cuts and likely job losses this autumn and the imposition of a higher VAT rate from January make it likely that investors will be cool on the retail sector until prospects are clearer.

New Look chairman John Gildersleeve thanked the three former directors for their contribution.

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