It may be up for sale, but Ted Baker’s expansion plans are clearly not on hold. It intends to open a new store at Milton Keynes’ centre:mk mall as the retailer continues to mull “a number of non-binding proposals".
Ted Baker has delivered an update on its sale process, but with no news on who might win the prize. It simply said Wednesday that it has received “a number of non-binding proposals from potentially interested parties”.
Ted Baker founder Ray Kelvin — who still owns a double-digit stake in the firm — is supporting the idea of taking the business private following multiple offers from Sycamore Partners and the launch of a sale process.
Private equity group Sycamore Partners may have hoped to pick up UK fashion business Ted Baker cheaply. But it's likely to have to pay much more as it confirmed its continued participation in the bidding process.
Ted Baker confirmed on Monday that it has had not one, but two, offers from Sycamore Partners but that it has rejected both of them. It's unclear when the US private equity giant will come back with an even higher bid.