INVESTORS in fashion chain New Look have slashed the value of their stake in the retail chain after tough high street conditions caused a fall in sales, according to latest figures.

Investment group SVG Capital – an investor in New Look through buyout group Permira, which owns a 27.7% stake in the retailer– said it had almost halved the value of its holding in the fashion group.

Full-year results from SVG showed it cut the value of its investment in New Look by 47%, to £13.5m at the end of last year from £25.7m a year earlier.

The blow comes after New Look revealed a 9.1% like-for-like drop in the UK during the 15 weeks to January 2011.