One of the British high streets’ biggest names New Look has been hunted down by South African investment heavyweight Brait.
The chain has 600 shops in Britain and Ireland with a further 200 in Europe, North Africa, the Middle East, and Asia including China.
The deal gives Brait virtually all of New Look for a snip over a billion euros and is the group’s second big deal in a month following its snaring of the fitness chain Virgin Active.
New Look’s founding family and management will retain a 10% share. The company is carrying nearly 1.4 billion euros of debt.