A new look for New Look
Brait - the private equity thingummy of the excitingly named Christo Wiese - said that they'd reached an agreement with New Look's shareholders, and that they'd be buying a 90% stake in the company for £780m.
Wiese will also be launching a new fashion retailer on the high street called Pep & Co. Looks like the streets of Britain will be awash with clothes and that businesses are confident there's enough of us wanting to spend money on them.
Of course, this also underlines just how alluring the British high street is to foreign investors.
This new deal means that Apax and Permira, who bought the New Look chain back in 2004, will be abandoning their exploratory plans for a flotation of the business.
As New Look have been looking to expand their menswear ranges, we only hope that all this means some bargains for everyone concerned. Go on foreign investors - woo us with cheap stuff!
TOPICS: High Street News