Brait completes acquisition of New Look
South African investment firm Brait has completed its acquisition of the New Look fashion chain.
Brait has acquired around a 90% stake in New Look while the Singh family interests and the current management of the company have acquired the remaining 10%.
Now that the acquisition is concluded, Paul Mason has stood down as non-executive chairman of New Look and been succeeded by John Gnodde who will also retain his current role as chief executive of Brait.
As previously announced, New Look chief executive Anders Kristiansen, chief financial officer Mike Iddon, and chief commercial officer Roger Wightman will remain with the company with their existing roles and responsibilities staying unchanged.
Kristiansen said: “This is a very exciting time for New Look. The acquisition of our equity by Brait, coupled with our successful refinancing, leaves us strongly positioned to achieve our strategic goals.
"On behalf of everyone at New Look, I wish Paul Mason every success in his future endeavours, and I thank him for his counsel throughout the recent acquisition by Brait. At the same time we look forward to working with John Gnodde and the rest of the Brait team as we continue to develop this business both in the UK and internationally."
New Look has also announced the successful conclusion of its debt refinancing, which it says optimises its capital structure, reduces costs, extends maturities to 2022 and eliminates the company’s former PIK loans.
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