Frasers closing in on deal to take control of Ted Baker's UK arm - report

30th May 2024 11:22

(Sharecast News) - Mike Ashley's Frasers Group is reportedly closing in on a deal to take control of Ted Baker's British arm, putting the future of its head office staff firmly in the balance.

According to Drapers, the prospective deal will not include the business's head office workers in London.

The retailer currently has just under 100 staff members remaining, who have experienced three rounds of redundancies since Teneo was hired as its administrator earlier this year.

Restructuring specialist Hilco is believed to have been appointed by Teneo to help shift stock in the meantime.

In an email to workers seen by Drapers, the administrators said: "We understand the adjustment to head count may leave many feeling increasingly uncertain.

"Based on our current forecast, we still anticipate that we will be trading under the current strategy to mid-August and that the team that will be in place after 31 May across head office and retail will deliver this strategy."

It continued: "As trading progresses, the timeline of mid-August will become clearer, and we will do our best to provide as many updates as possible to everyone."

At 1125 BST, Frasers Group shares were up 4.7% at 864p.