Ted Baker debt plan

TED BAKER is set to raise £95million from investors to slash its debt as the troubled fashion brand embarks on a major turnaround strategy.

The clothing company revealed its Ted’s Formula for Growth scheme, which it hopes will revitalise sales as coronavirus restrictions unwind. It said the cash boost will go towards stabilising its finances and supporting the turnaround plan.

The fundraiser came as the retail group revealed that it slumped to a £79.9million loss for the year to January, from a £30million profit a year earlier.