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Frasers Group On The Verge Of Capturing Ted Baker’s UK Sector


Frasers Group On The Verge Of Capturing Ted Baker’s UK Sector

The likelihood is mounting that Frasers Group will complete the acquisition of Ted Baker’s UK business, raising questions regarding the fate of the workforce at its headquarters.

Experts in the field suggest that the prospective deal would not include the company’s corporate personnel based in London, as reported by Drapers.

Currently, a team of just under one hundred individuals is employed at the retailer, which has seen three separate reductions in staff following the engagement of Teneo as its administrative service provider this year.

Sources indicate that Teneo has collaborated with Hilco, a company specializing in financial restructuring, to oversee the clearance of stock during this critical phase.

A memorandum distributed to the staff at Ted Baker, which Drapers had access to, underscores the trepidation due to the diminishing numbers of employees:

“Amidst the continuity of staffing changes, a growing feeling of apprehension might be emerging among us. Based on our projections, we aim to uphold our current retail strategy up until mid-August. The cadre persisting past May 31st, within our central offices as well as in the commercial environments, will be charged with the deployment of this plan.”

The communique also mentioned: “As our ventures progress, we will reassess the mid-August target for precision and engage in open communication to update everyone as consistently as possible.”

This event comes on the heels of Ted Baker’s withdrawal from the North American market, shutting down its brick-and-mortar locations and online platform, which aligned with its descent into administration.

Just last week the rapport between Ted Baker’s most significant debtor and the overseers of the administration was strained due to concerns over a potential conflict of interest.

Secure Trust Bank, the principal lender to the fashion label, set motions to oust Teneo subsequent to disclosures by The Times that the parent company of Teneo maintains a stake in a private equity syndicate that owns Authentic Brands, which, in turn, is a stakeholder in Ted Baker.

Image Attribution: Postmodern Studio / Shutterstock

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