High Street Fashion Chain Explores Options with Big Four Accounting Firm and Lenders

  • New Look appoints Deloitte to advise on £100m debt refinancing
  • Talks with lenders including Alteri, Davidson Kempner, and Goldman Sachs’ arm
  • Expected resolution in coming months
  • Revenue of £895m and EBITDA of £42.2m in FY ended 25 March

Fashion retailer New Look has appointed Deloitte to advise on refinancing a £100m debt due in 2024, amidst challenging conditions for British clothing retailers. The brand is working with advisers at the Big Four accounting firm and lenders such as Alteri, Davidson Kempner, and an arm of Goldman Sachs. With over 400 stores across the UK and Ireland, New Look expects to reach a resolution in the coming months. In the financial year ended 25 March, the company reported total revenue of £895m and EBITDA of £42.2m, marking a 67% increase YoY. The retailer remains tight-lipped on the reports.

Factuality Level: 8
Factuality Justification: The article provides accurate information about New Look’s decision to explore refinancing options for its £100m debt and includes relevant details such as the involvement of Deloitte, lenders, and the brand’s financial performance. It also mentions the challenging trading environment for British clothing retailers. However, it lacks some specifics on the refinancing plans and could provide more context on the reasons behind the need for refinancing.
Noise Level: 3
Noise Justification: The article provides relevant information about New Look’s decision to explore refinancing options for its £100m debt and includes details about the involved parties. However, it lacks in-depth analysis or actionable insights.
Financial Relevance: Yes
Financial Markets Impacted: New Look, lenders including Alteri, Davidson Kempner, and Goldman Sachs
Financial Rating Justification: The article discusses New Look’s debt refinancing and its potential impact on the brand’s operations, as well as the involvement of various financial institutions. This makes it relevant to financial topics and has implications for the companies involved.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.

Reported publicly: www.retailsector.co.uk