A new report has revealed that Glasgow-founded fashion brand Ted Baker collapsed in 2024 with over £100 million in debt. The company, which once operated more than 500 stores worldwide, entered administration after a deal between its owner, Authentic Brands Group (ABG), and Dutch operating partner AARC fell through.
Financial details uncovered
Documents from administrators Teneo Financial Advisory show that investors and 689 creditors face losing more than £70 million. Company books indicate a total debt exceeding £100 million, with an additional £16.4 million owed to Secured Trust Bank (STB). However, STB has been fully repaid and its charges released.
Ted Baker Holdings Limited (TBLH), controlled by former owners, was owed around £27.3 million. Partial repayments included a debt assignment of £4.9 million and an earlier distribution of £504,000. Unsecured creditors were owed approximately £57 million, with Teneo receiving 689 claims totalling £50.3 million.
Scottish firms affected
Two Scottish companies are among the creditors: estate agent Savills is owed £42,000, and Glasgow-based MJ Mapp Limited is owed £132,000.
Administrators' findings
Administrators reported a residual shortfall of £21.9 million and stated that no further distributions to TBLH are expected. A total dividend of £693,978 (1.25p per pound) was declared to unsecured creditors, described as the first and final payment.
The collapse was triggered after ABG, which bought Ted Baker in 2022, licensed operations to AARC in 2023. Trading deteriorated significantly, and expected equity funding did not materialise, leaving £50 million in supplier arrears.
The winding-up process is expected to conclude by the end of March 2027, with administrators noting no need for further extension.
Return to high street
Despite the collapse, Ted Baker has made a small comeback with a 'shop-in-shop' experience in Selfridges, Manchester's Trafford Centre.
