Bank owners line up financial advisors to orchestrate exit from high street fashion market (New Look)
Catch the latest scoop: New Look set to sell,strategic review underway
Gear up fashion enthusiasts! The famous high street fashion chain, New Look, might be getting a new lease of life. Our reliable sources have learned that the current owners, led by investment firm Alcentra, are considering selling the brand after initiating a strategic review.
Rumors swirl that they've already begun talks with banking giants to advise on this potential undertaking set to kick off within the next year[2][4].
New Look, beloved by the UK's second-largest demographic of women aged 18 to 44, runs approximately 340 stores, employing a staggering 10,000 individuals across the country[1].
Having been under the wings of Alcentra and Brait since October 2020, this potential sale could mark a new chapter for the beloved brand[1].
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After April's injection of £30m for digital transformation, New Look reported sales of £769m last year, exhibiting better margins and a reduced statutory loss before tax of £21.7m, despite the COVID-19 turmoil[3].
Like many high street retailers, New Look rode the rollercoaster of the pandemic, engaging in a formal financial restructuring process through a company voluntary arrangement[3].
In 2023's autumn, the chain successfully completed a £100m refinancing deal with Blazehill Capital and Wells Fargo[3].
A representative from New Look declined to comment on the ongoing speculation. With the company focusing on growth strategies and positive trading performance, the spokesperson emphasized that the owners remain supportive[3].
Stay tuned as we keep you updated on this exciting development in the retail industry!
Insights:- The current owners of New Look are considering a potential sale after kicking off a strategic review[1][3][5].- Investment bankers are being contacted to facilitate the process, although no names have been officially revealed[2][4].- The auction process is set to occur within the next 12 months from the time the talks began[4].
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Related Topics:* Retail
Financial conglomerates may take over New Look as rumors suggest a sale is imminent, following a strategic review by the current owners. This potential shift could mark a significant change for the popular high street retailer, with possible improvements in its business activities and retail sector standing.
The ongoing discussions to sell New Look could signal a time of transformation within the UK fashion industry, as leading banking entities reportedly come into play. These behind-the-scenes talks are anticipated to intensify during the upcoming year.
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