Brait’s cash pile rose to R3.6bn at the end of September as it failed to make any new investments, opting instead to increase its stake in UK food retailer Iceland Foods. The £175m deal to raise the investment holding company’s share in Iceland Foods to 57.1% added on to small increases in its stakes in clothing chain New Look and fitness club franchise Virgin Active, both based in the UK; and South African fast-moving consumer goods company Premier Foods. "For New Look, the very small increased percentage was as a result of New Look buying back its own shares, so no cash [was] spent by Brait," said Brait CE John Gnodde. "Virgin Active and Premier acquisition amounts are insignificant." "The only real increase was its investment in Iceland Foods," said an analyst, who asked not to be named in line with company policy. "Brait also raised bond funding, which explains the increase. I believe management is shell-shocked by New Look’s atrocious results, and pulled back from any new deals...
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