Ted Baker refinances as bankers show ‘ongoing support’

Ted Baker reported that it has extended a revolving credit facility to November 2023 and amended covenants. 

The retailer said the new arrangements, combined with a “strong net cash position” of £66m, mean it has “the necessary cash and liquidity to continue the successful delivery of its transformation plan”.

The retailer was in the midst of a turnaround before the outbreak of the pandemic, which has hit many fashion retailers hard as stores were shut during lockdowns.

The new agreement replaces a £108m revolving credit facility maturing in September 2022 and one of £25m maturing in January 2022, with a new one of £90m, reducing to £80m in January 2022 and maturing in November 2023. 

Ted Baker said: “The existing lending syndicate continues to show ongoing support to the group.”

Ted Baker had originally intended to publish full-year results this week, but said yesterday it has pushed the date back to June 10.

The retailer said the date change was “a consequence of disruption caused by Covid on the audit processes”, but that the preliminary results would be in line with the City’s consensus expectations.