Potential bidders circle stricken Ted Baker
A number of frontrunners have emerged as contenders in a bidding war for Ted Baker’s UK operations, following the retailer’s fall into administration.
The brand’s US licence partner OSL is a leading candidate to take over the European side of the business, according to Sky News, whilst both Next and Frasers Group have also made contact with the retailer’s administrators The Times has reported.
All three businesses remain in contention for a deal for Ted Baker, which called in administrators from Teneo Financial Advisory last month.
Since the retailer’s founder, Ray Kelvin, left the company in 2019 amid claims of inappropriate behaviour, it has issued a number of profit warnings and went into the COVID-19 pandemic from a difficult financial position
The retailer was de-listed from the London Stock Exchange in 2022 after it was bought by Authentic Brands Group for about £210m. A subsequent brand licensing partnership with Dutch company AARC was also recently abandoned.
Earlier this week, administrators confirmed that a number of underperforming Ted Baker stores would be closing. The closing stores were described as loss-making, and following review by the administrators, deemed to have no prospect of returning to profitability.