New Look‘s owner Brait has announced it has withdrawn plans to be listed on the London Stock Exchange “in light of the uncertainty” brought about by Brexit.
Brait was incorporated in Malta, but is listed primarily in Luxembourg and has a secondary listing in South Africa where it is managed and backed by billionaire Christo Wiese.
Late last year the company announced its intentions to move its main listing from Luxembourg to London.
“The company is at a size and stage of development where it has become increasingly important that it can offer its existing investors the benefits of a listing on a major international developed market,” it stated at the time.
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Just days before the triggering of Article 50, Brait‘s latest decision will come as a blow to the City.
The move would have seen company move its headquarters to the capital as well as raise funds to issue shares for future investment.
“While the board remains convinced of the long-term benefits of a transfer to the UK and a premium listing on the London Stock Exchange, in light of the uncertainty introduced by the timing and form of Brexit, and the potential impact on capital markets, the board has determined not to proceed… at this time,” Brait said.
This decision comes amid a turbulent time for the fashion retailer as its like-for-like sales fell by nearly five per cent in the third quarter.