Sycamore considers bid for UK fashion group Ted Baker
US private equity group specialises in the retail and consumer sectors
New York based private equity group Sycamore Partners is considering an offer for UK high street fashion chain Ted Baker.
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The PE group, which specialises in investing in retail and consumer businesses, said in a statement on Friday that it was “in the early stages of considering making a possible cash offer for Ted Baker”, although it added that “there can be no certainty that an offer will ultimately be made”.
Sycamore now has until April 15 to decide whether to bid.
Sycamore is headquartered in New York and it has about $10bn of capital invested in companies, including US office supplies giant Staples.
Ted Baker is listed on the London Stock Exchange and its valued at around £180mn. It has struggled during the pandemic with losses growing to £86mn in the six months to the end of August.
The retailer first opened its doors in 1990 in London’s Covent Garden but its founder Ray Kelvin was forced to resign in 2019 following allegations of inappropriate behaviour.
Numis Securities is acting as Sycamore’s financial adviser on the potential deal.