- Prachi Singh
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Shares in Ted Baker jumped on Monday after the Sunday Times report said
that its founder Ray Kelvin may consider backing a private equity buyout of
the company he quit in March, after allegations of “forced hugging” against
him. Kelvin had been CEO of Ted Baker since its launch in 1988.
According to the newspaper report, Kelvin, who had been CEO since the
company’s launch in 1988, has suggested that he would back a deal to take
the company private under the existing management. A Reuters report said
quoting Refinitiv Eikon data that Kelvin owns 34.9 percent of Ted baker.
In April, the company appointed Lindsay Page as the company’s new CEO
with immediate effect, who was already serving as acting CEO after
Kelvin took voluntary leave of absence from his role in December 2018 and
later resigned in March this year.
Last month, the company issued a profit warning saying due to ongoing
consumer uncertainty in a number of key markets and elevated levels of
promotional activity across its global markets, it anticipates underlying
profit before tax for the year ending January 25, 2020 to be in the range
of 50 million to 60 million pounds.
Picture:Ted Baker media gallery
