Ted Baker to sell London HQ amid accountant crisis
The British fashion company seeks to recover 58 million pounds in its inventory through the sale of its headquarters in London, known as the Ugly Brown Building.
Ted Baker seeks profitability by selling assets. The British fashion company is studying the sale of its headquarters, located in the central Ugly Brown building in London, according to Sky News. Ted Baker could reach an agreement with British Airways’ pension scheme to offload a big stake in its asset.
Although the specifics and amounts of the operation have not been divulged, through the sale of its headquarters, Ted Baker seeks to recover from the fraud of 58 million pounds (75.1 million dollars) that the company detected in its inventory accounts last January, after the revision completed by the consulting firm Deloitte.
In the fiscal year 2019, Ted Baker increased revenue by 4.4%, to 617.4 million pounds (808 million dollars). The company’s net result was 195.8 million pounds (256 million dollars).
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