Ted Baker raises £100 million, founder Ray Kelvin no longer largest shareholder

Ted is attempting to battle back from a string of profit warnings, Kelvin’s hug-gate scandal and Covid.

CMC Markets analyst Michael Hewson said: “The company has an uphill struggle in the current retail environment, however underlying profits in its last fiscal year did come in at £4.8m, despite the various write downs, while total revenues fell 1.4% to £630.5m. Gross margins are also above 50% at 55.6% as per its last annual report.

“On the plus side, its store footprint is narrower than some of its peers, and the business rates holiday will also help on the margins, however that won’t help much if consumers stop spending.”

Earlier this year the company sold and leased back its head office in London for the sum of £78.75 million, with £72 million of that cash used to pay down debts.