Ted Baker slashes rent bill with head office switch

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Ted Baker PLC (LSE:TED) (LON:TED) will save around GBP3.3mln a year in rent analysts reckon by shifting its head office to Fitzrovia, on the periphery of London’s West End.


The scandal-hit fashion chain will move to the new offices next year it announced today and chief executive Rachel Osborne said the move would be invigorating for the business.


“Times have changed, as have our ways of working, and our brand has a refreshed personality and energy, which will be perfectly reflected in the gorgeous brown building.”


Baker has agreed a ten-year lease with Westminster Council on the new building at a rent of GBP900,000 a year compared to GBP3.3mln for its existing head office in Camden Town, North London.


The fashion house added it was taking advantage of a dramatically changed commercial property market landscape.


“Combined with payroll and store rent savings already delivering under the transformation, it brings total annualised savings to c.GBP40mln pa,” said broker Liberum.

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