I also wanted a stroller type/umbrella fold for a newborn. Criteria being light weight so easy to use with car. I wasn't interested in a travel system as I assume I'll want to get them in a lightweight cheapy stroller from about 6 months anyway.
I was surprised how many newborn suitable strollers only come in pink or blue - I don't know what my sex baby is yet.
After much much much looking and stalking a new mum into a shop to quiz her about her push chair, I finally found one.
Its a toys-r-us own brand i love my bear stroller. It goes flat so suitable from birth, comes with rain cover & free footmuff in a beige colour £90 - bargain.
I've got it home & had a good play putting it up & down. The breaks are a bit plastic-y but overall I'm really happy. Baby due in a month so will find out properly then.