The pound’s Brexit crash knocked UK-focused private equity group Brait’s net asset value (NAV) per share down 15% to R105.06 at September 30. Measured in pounds, Brait’s net asset value per share remained flat at £5.90, the company said in its interim results statement on Wednesday morning. The value of Brait’s 79.9% stake in UK clothing chain New Look plunged 42% to R18.7bn at September 30 from R32.4bn the previous year, it said. "The UK clothing and apparel sector remains challenging as a result of continued unseasonal weather through autumn, declining UK consumer confidence and reduced footfall," Brait said. New Look’s share of the British women’s clothing market shrank to 5.9% from 6.4%. "The decline in market share is due, in part, to launching spring and summer and then autumn clothing too early as the weather was unseasonably cool and unseasonably warm, respectively, during these transitional periods," the statement said. Brait raised its stake in UK grocery chain Iceland Foo...
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