Private equity giant Sycamore Capital Partners is lining up a fourth bid for Ted Baker after joining the formal sale process for the fashion brand.
The luxury retailer, best known for its dressy skirts, put itself up for sale this month amid interest sparked by Sycamore’s £240million bid in March.
The New York private equity fund has been rebuffed three times by Ted Baker whose chief executive Rachel Osborne argues a turnaround will value it significantly higher than offers tabled so far.
Ted Baker, best known for its dressy skirts, put itself up for sale this month amid interest sparked by Sycamore’s £240m bid in March
By joining the formal sales process Sycamore Partners is no longer bound by this Friday’s deadline to make a firm intention of an offer or walk away.
Ted Baker embarked on a turnaround in 2020 and has been boosting its womenswear and cutting the number of items sold at a discount.
In the three months to January 29, it recorded a 35 per cent jump in sales from a year earlier.
Shore Capital retail analyst Clive Black said he expected an offer between 170p and 190p per share would be put to shareholders.
That would value it at between £310million and £350million. Ted Baker has 377 stores and concessions, 97 in the UK. Shares rose 3.3 per cent, or 4.8p, to 152.6p.
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