UK - New Look sale off

It is reported that a consortium comprising Warburg Pincus, TPG and BC Partners have pulled out of a sale process to buy fashion retailer New Look. A ТЃ2bn price-tag was too much for the Warburg Pincus-led team who are understood to have offered ТЃ1.7bn, ТЃ100m below the ТЃ1.8bn reserve price. The Weymouth-based company is being sold by Apax and Permira. It is expected that the two owners, which together hold a 66% stake, will now refinance the business for a third time.