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New Look makes it a trio of pulled floats
Wed, 08 Feb, 2012
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New Look makes it a trio of pulled floats
Fri, 12 Feb 2010, 12:15:00
Fashion retailer <b>New Look</b> has postponed its plans to float in London, the third private equity-backed company in the past 48 hours to scrap an IPO. Holiday group <b>TravelPort</b> and theme park operator <b>Merlin</b> both cited difficult market conditions at present for pulling their floats, sentiments that were echoed by New Look. "We have taken the difficult decision to postpone the initial public offering as a result of the considerable volatility in the equity markets, Chief Executive Carl McPhail said in a statement. "We will re-evaluate our options when market conditions improve," he added. New Look was looking to raise about £650m from a primary offering to cut its debts. It was taken private in 2004 for £6700m by founder Tom Singh and private equity firms Permira and Apax. The firm, which focuses on women aged 16 to 45, said it has been lifting its share within the growing value segment of the clothing market. The spate of postponements puts question marks over other possible floats such as travel firm Amadeus, online grocer Ocado plus a number of cyber security firms said to be considering a float.
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