Ray Kelvin, the disgraced founder of fashion retailer Ted Baker, is reportedly planning to back a private equity buyout of the company – just a few months after standing down following allegations of sexual harassment.
According to a report in The Times newspaper, Kelvin indicated he would support a buyout that would take the company private under the existing management.
A spokesperson for the company told just-style it had “no comment to make” regarding the speculation.
This morning, shares in Ted Baker surged by 13.3% to GBP949p following the reports.
Last month the company issued its second profit warning of the year amid “extremely difficult trading conditions.”
Group revenue increased by 3.8% in the 19 weeks to 8 June compared to the same period last year, but difficult and unpredictable trading conditions, unseasonable weather across North America, and a highly promotional retail environment weighed on performance.
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By GlobalDataTotal retail sales including e-commerce fell by 0.3% for the period, while e-commerce sales increased by 2.4%, representing 26% of total retail sales. Both retail and wholesale gross margins were lower than last year.
