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Article: New Look's Singh makes [pounds sterling]699m bid.
- Article from:
- The Evening Standard (London, England)
- Article date:
- February 13, 2004
CopyrightCOPYRIGHT 2004 Solo Syndication Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: NICK GOODWAY
TOM Singh, founder of High Street women's fashion chain New Look, today launched his long-awaited management buyout of the company, valuing it at [pounds sterling]699 million.
New Look chief executive Steve Sunnucks said he will be leaving the company with a [pounds sterling]6.85 million payoff but did not immediately confirm the rag trade's hottest rumour - that he will re-emerge as head of clothing at Marks & Spencer.
Singh is backed by private equity firms Apax and Permira in his 348p-a-share bid for the company.
The Singh family will end up with [pounds sterling]70 million in cash and a [pounds sterling]98 ...