Ted Baker confirms Sycamore Partners joins formal sale process

Following the decision to launch a formal sale process, Ted Baker has announced that Sycamore Partners Management, the firm that initially made a takeover offer, will officially be participating in the process going forward.

Last week, the retailer said it was open to pursuing a formal sale process after it received a flurry of interest from a number of parties.

Ted Baker refused Sycamore’s initial offer for a 250 million pound takeover made in March, after which the US firm reportedly improved its offer and prompted the retailer to consider the new route.

In a release, Ted Baker, which is currently undergoing a brand repositioning strategy, said: “There can be no certainty that an offer will be made, nor as to the terms on which any offer will be made.”

The decision to go through with a potential sale followed a series of main shareholder meetings to discuss offers already made, after which the board said it was to conduct a “process to establish whether there is a bidder prepared to offer a value” it deemed attractive.