Authentic Brands Group has now entered advanced talks to buy high street retailer Ted Baker (Jonathan Brady/PA)
(Picture: PA Archive)Ted Baker the high street fashion retailer is in advanced talks with Reebok owner and the business behind the David Beckham brands Authentic Brands Group (ABG) for a sale of the business .
Last week, US private equity group Sycamore dropped out of the process to buy Ted Baker.
The company said that Sycamore had pulled out of the acquisition race and that the board now reserved the right to “reject any approach or terminate discussions with any interested party” at any time.
“The board confirms that Sycamore Partners Management L.P. is no longer participating in the formal sale process,” a statement from Ted Baker said. At the time Ted Baker said that it had selected a “preferred” but unnamed party to take forward in the sales process.
ABG is run by the billionaire businessman Jamie Salter and is valued at an estimated $13 billion (£10.3 billion) after it sold equity in the company to investment firms CVC Capital Partners, and HPS Investment Partners.
Ted Baker has nearly 400 locations mostly in Europe, North America and the UK announced a formal sale process in April after Sycamore had made a third bid for the business. Evercore and Blackdown Partners are advising on the sale of the business.
Last Thursday (26 May) Ted Baker reported group revenue of £428.2 million in the year to 29 January 2022, up from £355.3 million a year earlier.
Of that, £301.9 million (up17.2%) was from retail and £168.1 million was from stores with £133.8 million from ecommerce, while £111.2 million came from wholesale and £15.15 million from licensing.
Shares in Ted Baker closed on Friday at 135.8p setting a value for the company at £251 million.
ABG was contacted by the Evening Standard but did not immediately comment on the talks with Ted Baker.
