// Ted Baker founder Ray Kelvin has given his backing to a proposed takeover of the retailer by Sycamore Partners
// Sycamore confirmed last week that it was taking part in the formal sale process
Ted Baker founder Ray Kelvin, who still owns a 11.5% stake in the fashion retailer, is reported to support the idea of taking the business private following multiple offers from Sycamore Partners and the launch of a formal sale process.
According to The Sunday Times, he believes that the US private equity firm Sycamore could come up with the investment cash that the company needs to power ahead with its revival and expansion strategy.
The former Ted Baker boss was ousted back in 2019 following allegations of inappropriate behaviour towards staff but his significant holding means he still has a loud voice when it comes to decisions such as whether to sell or not.
READ MORE:
- Ted Baker confirms US private equity firm Sycamore will join formal sale process
- Ted Baker puts itself up for sale as bids for the business intensify
Last month Ted Baker rejected two bids from Sycamore Partners, the latter of which valued it at £254 million, saying the rejection was due to the fact that it “significantly undervalued” the company.
However Sycamore came back with a third bid and having received another unsolicited bid, the business formally put itself up for sale this month.
It has been said the board would only accept an offer in excess of £310 million.
The company has said that its formal sale process, which the UK Takeover Panel has agreed to, will allows talks with interested bidders to take place on a confidential basis.
Last week Sycamore confirmed that it was taking part in the formal sale process,
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