Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Johannesburg Stock Exchange  >  Brait SE    BAT   LU0011857645

BRAIT SE

(BAT)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector news

Brait : UK retailer New Look puts latest restructuring proposal to landlords

share with twitter share with LinkedIn share with facebook
08/26/2020 | 07:19am EDT

Struggling British fashion retailer New Look launched the latest stage of its restructuring process on Wednesday, seeking turnover-based leases from landlords at 402 UK stores to help to lower its costs and ensure its survival.

New Look said that the company voluntary agreement (CVA) it was proposing - the second restructuring of its store estate in three years - would need approval from landlords and unsecured creditors at a vote on Sept. 15.

The impact of COVID-19 lockdowns on retail sales was such that New Look, which employs 11,200 people, said it needed to switch to the turnover rent model to safeguard its future viability.

New Look has already won agreement from its banks and bondholders over a recapitalisation plan, but that deal is conditional upon the rebasing of its rents through the CVA, which is being launched after discussions with landlords.

"The proposal ... would relieve the financial pressure on New Look as we navigate the post-COVID landscape, whilst also providing our landlords with greater flexibility over their rental arrangements and ensuring closer alignment of interests with regard to sales recovery," said New Look Chief Executive Nigel Oddy.

New Look is owned by its bondholders, with the biggest of those being South African investment firm Brait, along with Alcentra, Avenue Capital and CQS.

(Reporting by Sarah Young; Editing by David Goodman)


share with twitter share with LinkedIn share with facebook
All news about BRAIT SE
10/09BRAIT : Notice of EGM to approve Redomiciliation of the Company and proposed new..
PU
09/16BRAIT : received final payment for Iceland sale; New Look update; portfolio trad..
PU
09/15BRAIT : New Look creditors back turnover-based leases restructuring plan
RE
09/09BRAIT : UK retailer New Look faces administration risk if restructuring blocked
RE
08/26BRAIT : UK retailer New Look puts latest restructuring proposal to landlords
RE
08/13BRAIT : Results of Brait's AGM
PU
08/05BRAIT : Update on arrangements for Brait's AGM in light of Covid-19
PU
07/24BRAIT : Results of Brait SE's invitation to holders of its 2020 Convertible Bond..
PU
07/21BRAIT : release of FY2020 annual report and notice of the Annual General Meeting
PU
07/21BRAIT : invites holders of its outstanding 2020 Convertible Bonds to offer to se..
PU
More news
Financials
Sales 2020 -917 M -1 084 M -1 084 M
Net income 2020 -972 M -1 150 M -1 150 M
Net Debt 2020 353 M 417 M 417 M
P/E ratio 2020 -2,20x
Yield 2020 -
Capitalization 282 M 333 M 333 M
EV / Sales 2019 -2,33x
EV / Sales 2020 -0,66x
Nbr of Employees 33
Free-Float 70,9%
Chart BRAIT SE
Duration : Period :
Brait SE Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends BRAIT SE
Short TermMid-TermLong Term
TrendsBullishBullishBearish
Income Statement Evolution
Consensus
 
Mean consensus SELL
Number of Analysts 1
Average target price 3,60 ZAR
Last Close Price 3,97 ZAR
Spread / Highest target -9,32%
Spread / Average Target -9,32%
Spread / Lowest Target -9,32%
EPS Revisions
Managers
NameTitle
Richard Anthony Nelson Independent Non-Executive Chairman
Hermanus Roelof Willem Troskie Independent Non-Executive Director
Christoffel F. Hendrik Wiese Non-Executive Director
Lawrence Leon Porter Independent Non-Executive Director
Pierre George Joubert Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
BRAIT SE-71.44%333
THE BLACKSTONE GROUP INC.-5.54%36 553
LEGAL & GENERAL PLC-35.45%15 113
AMUNDI-15.31%14 058
FRANKLIN RESOURCES, INC.-12.09%11 311
ESR CAYMAN LIMITED33.52%9 275