Ted Baker’s owner has filed a notice to appoint administrators, putting hundreds of jobs at risk. According to Sky News, No Ordinary Designer Label – which is owned by Authentic Brands Group (ABG) – has filed a notice to appoint Teneo Financial Advisory to lead the insolvency process of its UK operations. The move is anticipated to result in store closures and large job losses although details are not clear at this time.
This news comes just over 18 months after Ted Baker came off listing on the London Stock Market when it was bought by ABG for around £211 million and it is intended that the company would continue to trade throughout the insolvency process. No Ordinary Designer Label (which trades under Ted Baker) will still tr
The company has had a ghastly few years since founder Ray Kelvin left in 2019 with profit warnings and accounts ‘mishaps’ and 2020 already saw the company shedding hundreds of jobs.
It was only in February 2024, that ABG terminated its relationship with AARC (the Dutch firm that it hired to run Ted Baker’s stores and ecommerce operations in the UK and Europe). At that time an ABG spokesperson commented:
None of us expected this. We were given assurances and have been disappointed. We’re limited on what we can disclose at this stage, but we can assure all concerned that we are focused on addressing this issue to continue to support the Ted Baker brand.”
Note: ABG owns Forever 21 with other shareholders including buyout firms General Atlantic and Lion Capital, and GIC, the Singaporean state investment fund.
