Tycoon Wiese’s Brait Plans to Wind Down Portfolio in Three Years

Brait SE, a South African investment holding company backed by billionaire Christo Wiese, expects to sell its current portfolio in the next 18 months to three years and return money to investors.

The owner of food maker Premier, UK apparel chain New Look and Virgin Active gyms is finalizing a recapitalization plan and has extended the San Ġwann, Malta-based company’s debt by three years. It has already sold its holding in Iceland Foods Ltd.

Following that there’s “a journey to realize value from the three assets that remain,” Brait Chief Executive Officer Peter Hayward-Buttsaid in an ...