Look" leading fashion chain of stores's founder NRI may pocket
London, May 16, 2007
NRI Tom Singh, 56, founder of leading fashion chain
of stores- "New Look" could pocket £200 million
from the company's sale.
"New Look" was established by Tom Singh in 1969 and has
grown organically in the UK to become the UK’s third largest
single fascia retailer of womenswear and have 543 stores in UK and
Ireland; and 215 stores in France. It has also developed a substantial
footwear offer, which has captured over 3.5% of the UK market share.
New Look’s head office is in Weymouth and it has over 13,500
employees working in the UK and France. He with his wife Kuljit,
borrowed £5,000 from his parents to open his first store
Trinitybrook plc, a company backed by funds advised by Permira
and Apax made an offer to take New Look private in a €1.2 billion
transaction in April 2004. He holds a 22% stake in the chain, is
in the process of deciding whether to sell of his stake in New Look,
which has an estimated price tag of £2 billion.
New Look chain of stores, which floated on the London Stock Exchange
in June 1998. He later participated in a $1B transaction to take
the company private again in association with Apax Partners and
Tom Singh said, “I have substantially increased my business
activities in the cleantech space with family interests in renewable
energy projects and technologies growing substantially. I have known
zouk’s management since 1999 and am looking forward to being
part of the team building one of the largest cleantech investment
platforms in Europe.”
In September 2005, New Look acquired 34 Littlewoods stores from
ABF, which will be opened during 2006. He is estimated to be worth
in the region of over half a billion pounds. He is also the eldest
brother of author and broadcaster Dr Simon Singh. He is one of Britain's
He is a graduate of the University of Wales, Aberystwyth
where he studied international politcs and geography.
New Look has around £1.1 billion of debt, meaning that the
group's £900 million of equity will be split between Singh,
New Look's management, Apax and Permira, company's private equity
majority owners, and Landmark, Dubai-based retailer.
In 1996, Singh's family earned $170 million by selling 75% stake
in the retailer to PPM, the venture capital company.