Look who is due to get a new owner

HIGH STREET fashion chain New Look is to be sold to South African billionaire Christo Wiese after he agreed to pay £780m for a controlling stake in the firm.

The cut-price fashion chain, which is owned by private equity groups Apax and Permira as well as founder Tom Singh, has bucked the downturn on the high street by linking up with celebrities such as Kelly Brook and Lily Cole.

New Look had planned to list on the stock market in 2010, but the move was shelved amid turmoil in the financial markets. Its return to the stock market has been the subject of intense speculation in the City ever since.

Mr Wiese said he was buying the business for its strong earnings, its large UK high street presence and its growth prospects in France, Germany, Poland and especially China which is a priority market.

He said that New Look’s chief executive Anders Kristiansen will remain with the business.

Mr Wiese has been linked with a string of UK retail takeovers. His investment vehicle, Pepkor, is launching Pep & Co, a new discount fashion chain in the UK, with former Asda boss Andy Bond.