New Look counts cost of takeover

New Look sponsored the Wireless Festival at Finsbury Park , London, in July
New Look sponsored the Wireless Festival at Finsbury Park , London, in July
SAMIR HUSSEIN/GETTY IMAGES

New Look has recorded a near £74 million pre-tax loss in the first quarter, only months after the South African billionaire Christo Wiese took control of the fashion chain.

The high street chain blamed the costs of a £780 million takeover by Brait, the investment vehicle of Mr Wiese, and a subsequent refinancing which cost £93 million.

However, once these acquisition costs were stripped out, New Look’s pre-tax profits rose 9 per cent to £19.3 million, from revenue up 4.3 per cent at £369.8 million. Its UK like-for-like sales were also 4.1 per cent higher during the first quarter compared with last year.

New Look has also committed to open five new menswear only shops by the year-end as its seeks to speed up its