The retailer, which struck the debt-for-equity swap with a group of key stakeholders in January, has reduced its debt to £1.35bn to £350m and freed up £150m of new capital.

New Look said that its new structure would allow it to better navigate the current market and billed it as allowing management to focus on long term growth thanks to the removal of maturing loans. The strengthened balance sheet should allow the business to accelerate investment in its turnaround.