New Look, the excessive road vogue chain, has kicked off talks with its lenders about refinancing £100m of debt amid a tricky buying and selling outlook for Britain’s main clothes retailers.
Sky News has learnt that New Look is working with advisers at Deloitte on exploring choices for a time period mortgage which matures in June 2024.
Among the holders of the debt are Alteri, the specialist retail investor, Davidson Kempner and an arm of the Wall Street financial institution Goldman Sachs.
Sources stated that New Look, which trades from greater than 400 shops within the UK and Ireland, anticipated to achieve a decision on the refinancing talks within the coming months.
It marks the newest chapter within the chain’s journey in the direction of a sustainable long-term capital construction following two painful restructurings, the more moderen of which concluded in 2021.
One supply near the corporate stated it was prudent to discover refinancing choices at this stage, and that it was buying and selling nicely.
New Look is one among Britain’s largest omnichannel clothes chains, using greater than 10,000 workers and boasting 10m energetic clients.
It is the second-biggest participant within the UK womenswear class.
In the monetary 12 months ended 25 March 2023, New Look reported complete income of £895m and earnings earlier than curiosity, tax, depreciation and amortisation of £42.2m – a year-on-year enhance of greater than 67%.
A New Look spokeswoman declined to remark.
Content Source: information.sky.com