New Look has handed its new London headquarters to Google following a period of troubled trading.
The retailer has agreed to sign over the lease on the brand-new headquarters at London’s King’s Cross to Google’s parent company Alphabet and stay at its existing base near Oxford Street.
New Look said that the decision was made following an “unsolicited offer from a third party”. Google was not immediately available for comment.
The retailer originally revealed its plan to move around 800 staff to the 123,000 sq ft space in March 2016.
The lease assignment is the latest in a series of blows suffered by New Look, which has been through the mill over the past 18 months.
In recent days, insurers took the decision to axe its suppliers’ credit insurance, calling into question New Look’s ability to pay its bills.
The retailer, which saw EBITDA crash 72% at its last half-year results, is operating under new management.
Former chief executive Anders Kristiansen was ousted from his post in September, following a protracted period of poor trading and amid a management disagreement over turnaround strategy.
Current boss Alistair McGeorge, who had previously engineered a turnaround at New Look from 2011 to 2014, has been reinstated and is charged with transforming the retailer’s fortunes once more.