New Look sale in question

Sources close to fashion chain New Look have insisted its £2 billion sale is on track but say owners Apax and Permira will pursue a recapitalisation if bids due this month disappoint. The update came amid intense industry speculation that New Look founder Tom Singh had taken the decision to leave. Singh, who started the chain after borrowing £5,000 from his parents, could not be reached for comment but it is thought the multi-millionaire wants to concentrate on emerging retail markets such as India.

Singh is further thought to be interested in investing in renewable energy schemes in the country. It was previously believed he might retain some of his 21 per cent equity stake, worth an estimated £200 million, following a deal.