The company behind fashion retailer Ted Baker, which employs nearly a thousand people, has fallen into administration and appointed Teneo, the administrators have confirmed.
Teneo, which has been appointed as administrator of No Ordinary Designer Label Limited (NODL), said that the company runs 46 Ted Baker stores in the UK, a website and concessions.
It employs around 975 people.
Authentic Brands, which licences the Ted Baker brand to the NODL is “in advanced discussions” with potential buyers for the company.
The news comes days after NODL said that it planned to appoint administrators, citing “damage” done during a partnership and the “significant level of arrears” that had built up during a partnership with Dutch company AARC Group.
No Ordinary Designer Label decided to end the partnership with AARC in January, saying that the partner had not met its promises to inject cash into the business.
“The appointment of joint administrators comes seven weeks after the termination of NODL’s operating partnership with AARC on 29 January 2024,” said Benji Dymant, joint administrator at Teneo.
“That decision was made after AARC failed to meet financial obligations and inject promised funding into the business.
“The business traded well below forecast in the fourth quarter of 2023 and built up a significant level of arrears.
“This has meant that the company requires the protection of a moratorium to continue to trade and the director has taken the difficult decision to place the company into administration.
“Despite NODL entering administration it is important to emphasise that the Ted Baker brand will continue to trade and customer orders will still be fulfilled.”
“Ted Baker is an iconic British brand with strong partners around the world.
“Authentic has advised that it is in advanced discussions with several potential operating partners to take over the Ted Baker UK and European operations and bring the business back to full health.”