South African goes on safari in Britain as Brait buys New Look

One of the British high streets’ biggest names New Look has been hunted down by South African investment heavyweight Brait.

The chain has 600 shops in Britain and Ireland with a further 200 in Europe, North Africa, the Middle East, and Asia including China.

The deal gives Brait virtually all of New Look for a snip over a billion euros and is the group’s second big deal in a month following its snaring of the fitness chain Virgin Active.

New Look’s founding family and management will retain a 10% share. The company is carrying nearly 1.4 billion euros of debt.