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Ted Baker raises 105 million pounds

By Huw Hughes

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Business

Ted Baker has raised 105 million pounds in new equity to help ease the financial strain Covid-19 has had on the business.

On 1 June, the loss-making British luxury label announced plans to raise 95 million pounds through a share placing and a further 10 million pounds through an offer for subscription to help it cut debt and pursue a “digital first” strategy focusing on online sales.

The refinancing saw Ted Baker’s founder, Ray Kelvin, slash his stake in the company by 55 percent at the beginning of the month, handing control over to investment firm Toscafund.

It’s been a difficult year for the brand, with a loss before tax of 79.9 million pounds for the 12 months to 25 January. The Covid-19 pandemic caused a further blow to its sales, with revenues for the 14 weeks to 2 May down 36 percent.

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Photo credit: Ted Baker media resources

Ted Baker