Republic hails expansion policy as new jobs and stores on the way

The Leeds-based company, which sells men's and women's fashion brands, also announced a number of appointments to its management team.

Republic aims to double its turnover over the next three years as it increases its market share around Britain.

The new stores will include branches in Belfast and Newcastle, with the other locations still to be decided, a company spokesman said.

Sales in the year to January 31 are expected to have exceeded earlier forecasts of 200m after achieving a four per cent like-for-like increase.

Earnings before interest, taxation, depreciation and amortisation (EBITDA) will be significantly ahead of the 30m previously stated, the company said.

Over the last year, the company created 458 jobs and opened 10 stores.

Republic has also restructured its buying and merchandising teams.

Carl Brewins, the company's joint founder, takes up the newly created position of brand director, while Guy Daltry takes on responsibility for the buying, merchandising and design teams.

Mr Daltry is recruiting heads of department in design, menswear and merchandising

Tim Whitworth, the chief executive of Republic, said: "I am delighted with last year's performance and excited with the challenge of taking Republic into a new era of development.

"Our unique 'house-of-brands' model and fashion credentials set us clearly apart from the competition.

"We partner with the best brands and teams in our market and believe we are excellently positioned to continue our exceptional growth."

Last month, Republic reported "record breaking" trading over Christmas with like-for-like sales up 11 per cent in the eight weeks to January 4.

Mr Whitworth, speaking last month, said: "Without doubt, our Christmas trading performance capped another successful and record-breaking year for Republic."

The company said total sales for the period climbed 23.6 per cent to 51.2m.

Internet sales also showed strong growth, rising by 38.8 per cent over the eight-week per-iod.

On a two-year basis, sales rose 46.6 per cent and like-for-like sales increased by 16.7 per cent.

Republic began life in 1986 as a men's only denim retailer, trading from a single store in Leeds. It now has 102 stores.

Republic attracts shoppers in the 16-25 market, including 'surfer/skater' types and 'brand junkies'.

Altogether, Republic has 2,500 staff, including around 1,000 full-time employees, with 70 at the head office in Leeds.

Private equity firm Change Capital Partners is the company's majority shareholder, with Mr Whitworth and Mr Brewins also holding shares in the business.

Republic was bought by Change Capital Partners in a deal worth 105m in October 2005.

Change Capital Partners was founded by Luc Vandevelde, who was formerly the chairman and chief executive of Marks & Spencer.

The deal saw Mr Whitworth and Mr Brewins reinvesting in the company and the exit of venture capital company 3i.

In 2005, Change Capital director Roger Holmes said Republic had "fashionable and hot brands" and planned to open stores in the top 200 towns and cities in Britain at the rate of between 10 to 20 a year.

Speaking in the same year, Mr Whitworth said Republic had sought an external investor who understood the business and could take it to the "next level" of growth.

New look aims to raise 650m with listing

Fashion retailer New Look has announced plans to list on the London Stock Exchange in a move to raise around 650m.

New Look, which is owned by buyout firms Permira and Apax Partners, said 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, and generated sales of more than 1.3bn in its most recent financial year. The group has over 30 stores in Yorkshire. Two years ago New Look abandoned plans to float after a lukewarm response from investors, while a 2bn 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 around 450m in the business, although it currently has an estimated 1.1bn debt.

As well as the offering of 650m of shares, New Look said there was the possibility that existing shareholders will sell some stock.

Chief executive Carl McPhail said: "Today's announcement is the latest exciting stage in our development and we look for-ward to growing our business."