BUDGET fashion retailer New Look, which has 18 Hampshire stores, has unveiled plans to list on the London Stock Exchange in a move likely to raise about £650m.

The Weymouth-based retailer, which is owned by buy-out firms Permira and Apax Partners, said that the proceeds will be used to pay down debt and position it for further growth.

It currently has 1,010 stores, including 601 in the UK, with two branches in Southampton and others in Winchester, Eastleigh, Romsey, Whiteley and Fareham, generating sales of more than £1.3 billion in its most recent financial year.

Two years ago the group abandoned plans to float after a lukewarm response from investors, while a £2 billion sale of the business also failed when the company was unable to agree a price with potential suitors.

New Look was founded in 1969 by Tom Singh, and was taken private in 2004 by Apax and Permira for £700m, with Mr Singh retaining a stake. Since then its new owners have invested about £450m in the business, although it currently has an estimated £1.1 billion debt.

Chief executive Carl McPhail said: “We look forward to growing our business, both in the UK and inter-nationally.”