- Huw Hughes |
Ted Baker has announced it has completed the sale and leaseback of its London HQ, known as The Ugly Brown Building.
The British luxury label sold the building to a wholly-owned subsidiary of British Airways Pension Trustees Limited for a cash consideration of 78.75 million pounds. The net proceeds of at least 72 million pounds of that will go towards reducing the group’s debt, it said.
Last month, Ted Baker raised 105 million pounds in new equity to help it ease the financial impact Covid-19 has had on the business. Revenues for the 14 weeks to 2 May fell 36 percent.
For the 12 months to 25 January, the label made a loss before tax of 79.9 million pounds.
Photo credit: Ted Baker media resources