Fashion group takes a New Look at ?1 billion debt pile

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Kelly Brook wearing the latest range from New Look

By Ravender Sembhy

NEW LOOK is expected to complete a restructuring of its ?1.1 billion debt pile this week, which will put it on a firmer financial footing.

The fashion retailer is understood to have agreed terms with lenders that will see its deadline for repayment extended from 2013 to 2015.

A source said: ?The restructure will push all repayments to 2015 from 2013. But it?s only a temporary measure and will give New Look three years to look closely at its capital structure and to find ways to deal with the debt.?

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The debt is owed to institutional funds and an assortment of banks, including HSBC, Barclays, Royal Bank of Scotland and Lloyds. The company will likely have to refinance the debt before 2015.

But this deal will put it on a more stable financial footing

New Look was rocked last year after profits dropped from ?36 million to zero after a devastating trading period.

The firm then appointed former Matalan chief executive Alistair McGeorge as executive chairman with founder Tom Singh also returning.

The source added: ?Price architecture went wrong for a while and New Look had lost its broad church appeal.

?But this deal will put it on a more stable financial footing.?

New Look?s results for the second half of the current year are understood to be showing an improvement.

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