Shamed chief needs a hug after £66m Ted Baker loss

TED Baker’s founder Ray Kelvin has lost more than £66m in just two days after the struggling retailer’s shares tumbled nearly 10pc in the wake of a profit warning.

The 63-year-old ( pictured) still owns almost 35pc of the company’s stock – or 15.54m shares.

His holding was worth £144m on Wednesday, the day before Ted Baker warned its profits will be lower this year because the warmer weather has put customers off buying autumn clothes.

The firm also announced it had swung into the red in the first half with a £23m loss as revenues edged lower and aggressive discounting took its toll on the group, which has previously been one of the High Street’s more resilient brands.

This prompted a 36pc sell- off in its shares on Thursday alone – and its stock tumbled by another 9.9pc, or 55p, to 500p yesterday. After by Francesca Washtell the plunge, his holding is worth £77.7m. Kelvin was forced to leave Ted Baker – which he founded in 1988 – in March after he was embroiled in a scandal about inappropriate office behaviour following allegations of ‘forced hugs’ and ear-kissing from staff. The company – which has 560 shops and concessions worldwide – has since had to overhaul its global HR policies and the legal fallout has cost it £3m so far. Ted Baker’s share price spiked to 1982p on the day he announced his resignation. Since then it has lost 75pc of its value, diving from £ 883m to £ 223m. Kelvin’s personal holding has plummeted from £308m to £77.7m. The first- half loss revealed on Thursday was the first since the company listed on the stock exchange in 1997.