New Look 'seeks stock flotation

Fashion chain New Look is poised to return to the stock market with a flotation as early as next year, according to reports.

The company was bought by private equity firms Permira and Apax in 2004, although founder Tom Singh still retains a 22% stake.

New Look is one of the few High Street retailers to have benefitted from the downturn as consumers look for value.

Reports also suggest that the company will look for a new chairman.

The owners tried to float the business unsuccessfully in 2007. They then tried to sell it, but did not receive an offer to meet their price.

But with sales improving during the downturn - they rose by 15% in the year to the end of March - the owners have been encouraged to try to float once again, the reports say.

A number of investment banks are said to be interested in handling the flotation, including Merrill Lynch and Goldman Sachs.