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Article: Flotation makes pounds 120m for the man who tailored New Look

Article from:
The Independent (London, England)
Article date:
May 21, 1998
Author:
Copyright

TOM SINGH, whose stake in the New Look fashion chain will be worth pounds 120m when it comes to the stock market next month, paid himself pounds 10m in salary and bonuses over the past five years, according to the group's pathfinder prospectus published yesterday. This is in addition to the pounds 170m he and his family received from selling a controlling stake in the business to venture capital backers three years ago.

Mr Singh, the son of Asian immigrants who came to Britain in the 1940s, received remuneration of pounds 1.3m in 1994, then pounds 2.9m, pounds 4.3m, pounds 584,000 and pounds 557,000 in the following years. His average annual salary of almost pounds 2m over that period would ...

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