Singh's £650m New Look

TOM Singh's takeover bid for New Look is gathering pace. The founder of the High Street fashion chain has tabled a £650m indicative offer less than a month after he was forced to clarify his intentions following Press speculation.

Singh, who with his family owns 28% of New Look, has made an offer (backed by Apax Partners) at about 330p a share. New Look closed last week at 310 1/2p, up 11 1/2p after punters heard of the move.

Any formal offer will be preceded by due diligence. New Look boss Stephen Sunnucks is expected to join Singh's bid.