The owners of the fashion retailer are in talks with advisers about undertaking a strategic review of the business that could potentially lead to a sale, according to reports.
New Look owners Alcentra and Brait, as well as its management, are understood to be gearing up to hire investment bankers to undertake a strategic review of the business, which is âexpected to trigger an auctionâ, as reported by Sky News.
The talks are expected to involve the bankers advising on a process to take place during the next 12 months and an appointment is âexpected to be made in the near futureâ.
A spokesperson for New Look said the business did not âcomment on rumour and speculationâ and added: âManagement are focused on running the company and executing the strategy for long-term growth.
âThe company is trading well and has supportive shareholders.â
New Look currently trades from 340 stores and employs around 10,000 people in the UK. It has been owned by shareholders Alcentra and Brait since October 2020.
The news comes after its owners pledged a ÂŁ30m investment into the business to fuel its digital growth for the future in April this year.
Retail Week also reported last month that the fashion retailer was laying off a number of employees at its head offices in London and Weymouth amid a business restructure.
The redundancies involved less than 100 jobs being axed and did not affect store staff or warehoues employees, but all roles within head office teams were understood to be at risk.
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