New Look successfully concludes debt refinancing

New Look, British high street fashion brand claimed a successful conclusion of its debt refinancing as it optimises its capital structure, reduces costs, extends maturities to 2022 and eliminates the Company’s former PIK loans. African investment giant Brait SE now owns a 90 per cent stake in New Look, with the Singh family interests and the current management of the Company having acquired the remaining 10 per cent.

On the flip side, Paul Mason is standing down as Non-Executive Chairman of the company and John Gnodde has been appointed as non-executive Chairman of New Look, alongside his current role as Chief Executive of Brait. The retailer said in a statement that the refinancing represents a further step forward for the business. Its capital structure has been improved and the repayment of our former debt arrangements has allowed it to remove all remaining PIK loans from our balance sheet. Maturities have also been extended, giving it additional flexibility as it continues to deliver on our strategic priorities of brand, product development and menswear.”