Brexit fear keeps Brait away from a London listing

New Look owner Brait has decided to drop its plans to get listed on the London Stock Exchange owing to “light of the uncertainty” following Brexit, Retail Gazette reports.

Brait though founded in Malta is listed in Luxembourg as well as South Africa where it is backed by billionaire Christo Wiese. Last year, the company had announced its plans to move its main listing from Luxembourg to London, the report adds. The company not only wanted to move its headquarters to the UK but also planned to 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,” Retail Gazette report further added quoting a statement from Brait.

The company’s decision follows after New Look Group’s third quarter like-for-like sales decreased 4.6 percent, while like-for-like sales in the UK witnessed a drop of 4.7 percent.

Picture:New Look website