New Look founder bids to take firm private

The founder of UK fashion chain New Look has proposed a bid to take the firm private.

Mr Tom Singh has made a £3.48 (€5.13) a share offer, which gives the company a price tag of £700m (€1032m), through a company called Trinitybrook, which includes private equity firms Apax Partners and Permira.

Singh's offer will be put to New Look shareholders at a court meeting and an extraordinary general meeting on March 15.

If the bid is successful the discount retailer will become the latest in a long list of quoted retailers to be taken private, including Debenhams and Selfridges. New Look's independent directors, who have been advised by Citigroup and Cazenove, said they consider the terms of the offer to be "fair and reasonable".

Singh and his family own 28% of New Look, which has more than 500 outlets in Britain and 191 in France. Singe set up the business in 1969 from a single shop in west London. He is currently a non-executive director.