New Look founder considering buyout
Tom Singh in finance talks
August 4 2003
New Look founder Tom Singh is considering launching a bid for the company.
Singh’s advisers Deutsche Bank confirmed he has opened talks with potential providers of finance. Singh, who founded New Look in 1969 and floated the business in 1998, announced last month that he had asked advisers to conduct a strategic review of options for the Singh family’s 28.8 per cent stake in the business.
The statement from Deutsche Bank said the latest discussions are at a preliminary stage and may or may not lead to an approach being made to New Look in relation to a potential offer.
New Look’s share price surged last week as the City speculated that Singh’s review was the trigger for a bid for the business. New Look operates more than 500 stores and has just completed the full buy-out of the Mim fashion chain in France.
