Ted Baker’s banking syndicate, Barclays, HSBC, Santander and Royal Bank of Scotland, has hired advisers to conduct an independent review of the business.
The lenders have appointed restructuring experts from FTI Consulting to undertake an independent business review. Drapers understands this is a standard procedure.
It comes after Ted Baker appointed consultancy firm AlixPartners on 5 December to conduct an in-depth review its operations after a troublesome year. This was separate from the ongoing investigation into an overstatement of inventory levels announced last month.
Ted Baker issued a string of profit warnings last year, and swung to a pre-tax loss of £23m for the 28 weeks to 10 August 2019. It made a profit of £24.5m during the same period in 2018.
The retailer is expected to announce its Christmas trading performance to investors.
Drapers has contacted HSBC and Barclays for comment. Ted Baker and FTI Consulting declined to comment.