New Look fashions talks with lenders about £100m debt

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New Look, the precocious thoroughfare manner chain, has kicked disconnected talks with its lenders astir refinancing £100m of indebtedness amid a pugnacious trading outlook for Britain's large covering retailers.

Sky News has learnt that New Look is moving with advisers astatine Deloitte connected exploring options for a word indebtedness which matures successful June 2024.

Among the holders of the indebtedness are Alteri, the specializer retail investor, Davidson Kempner and an limb of the Wall Street slope Goldman Sachs.

Sources said that New Look, which trades from much than 400 stores successful the UK and Ireland, expected to scope a solution connected the refinancing talks successful the coming months.

It marks the latest section successful the chain's travel towards a sustainable semipermanent superior operation pursuing 2 achy restructurings, the much caller of which concluded successful 2021.

One root adjacent to the institution said it was prudent to research refinancing options astatine this stage, and that it was trading well.

New Look is 1 of Britain's largest omnichannel covering chains, employing much than 10,000 unit and boasting 10m progressive customers.

It is the second-biggest subordinate successful the UK womenswear category.

In the fiscal twelvemonth ended 25 March 2023, New Look reported full gross of £895m and net earlier interest, tax, depreciation and amortisation of £42.2m - a year-on-year summation of much than 67%.

A New Look spokeswoman declined to comment.

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