These days nothing snuffs out investor sentiment quite like a balance sheet sagging under a burden of debt.

Brait, once the darling of the JSE’s investment companies, is labouring under a debt load that is blocking efforts to restore market faith after the ill-timed foray into the UK fashion retail sector via New Look. At the end of June, IM calculates Brait’s total net debt at around R11.5bn — roughly R2bn more than the group’s market capitalisation at the time of writing in mid-July.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now