New Look boss pockets £2.2 million bonus
The sale of New Look almost two years ago has allowed the retailer’s chief executive Anders Kristiansen to take home a £2.2 million bonus as part of the deal.
Kristiansen is one of seven New Look executives, including founder Tom Singh, and a project team of 35 staff members who shared a bumper £4.8 million “exceptional bonus” after private equity groups Apax and Permira sold 90 per cent of the high street chain to South African-based Brait in May 2015.
Singh and senior managers bought the remaining 10 per cent stake.
The one-off bonus means Kristiansen’s total earnings last year shot up to £3.1 million, compared to £900,000 the year before.
Brait is the private equity firm of Christo Wiese, a South African billionaire who has grown his interests in British retail with investments in Iceland Foods, Pep & Co and the Poundland chain.