UK - Apax and Permira hang onto New Look

Reports suggest that Apax and Permira plan to continue to own clothes retailer New Look for some time. The private equity backers had planned to sell the company in mid-2007 but struggled to find appetite for the £1.8bn asking price. In late 2006, the press had reported that New Look would be floated in 2007. Apax and Permira will now concentrate on New Look's international growth with the business looking to build on its Middle East stores and expand into other European markets on top of France and Belgium, where it is already active.