Ted Baker PLC New Global HQ (2054G)
23 Luglio 2021 - 8:00AM
UK Regulatory
TIDMTED
RNS Number : 2054G
Ted Baker PLC
23 July 2021
This announcement contains inside information
23 July 2021
Ted Baker Plc ("Ted Baker", the "Group")
Ted Baker announces it's moving to Fitzrovia
Ted Baker, the global lifestyle brand, announces it has secured
its new global HQ, at 101 on Cleveland in the heart of Fitzrovia,
London. The new HQ, which will be called the Gorgeous Brown
Building (GBB), is a fitting home for the brand with its
distinctive flatiron shape and epic ceiling heights. This will
inspire Ted's creativity in a flexible workspace configured for
collaboration in a beautiful new working environment for the
team.
Under the new 10 year lease agreement with the landlord,
Westminster City Council, the Group has secured 30,000 sq.ft. of
net space at a cost of GBP30.33 per sq.ft. and expects to move
during Summer 2022. The new headline annual rent will be GBP0.9m at
GBB compared to the current GBP3.25m annual rent for Ugly Brown
Building (UBB), and up to GBP4.2m in relation to option to lease
for Block A of the Tribeca development in Kings Cross. These
savings are separate to the fixed rent cost saving target of 15%
for financial year 2022 that the Group announced at its Preliminary
Results on 14 June 2021.
As part of the transformation plan that was launched in June
2020, the Group completed the sale and leaseback of its long-time
global HQ, the UBB, for GBP78.75m, alongside a short-term leaseback
until 31 March 2023. The deal included an option to lease the
redeveloped next door building Block A. Subsequently, the
commercial property market landscape has changed dramatically. The
Group has taken advantage of this and agreed a more commercially
attractive deal for a prime central London office, allowing the
option on Block A to lapse. Over the first five years of the GBB
lease, aggregate cashflow benefit of the new HQ is in excess of
GBP13m compared to the lease on Block A. This further demonstrates
the cashflow discipline the team has established over the last 18
months.
Under the sale and leaseback agreement on UBB last year with BA
Pension Fund, the Group negotiated an GBP8m cash payment to use for
the fitout of a new HQ. The Group will use this GBP8m to ensure no
net additional capex is spent on the new HQ. Therefore, the Group
reiterates its previous capex guidance of GBP15m for the financial
year to January 2023.
The total annual rent bill of GBP0.9m will be funded by the
Group's existing resources. Accounting for the lease under IFRS16,
a right of use asset worth approximately GBP6m will be reflected on
the Group's balance sheet, along with an associated lease liability
of approximately GBP8m.
Rachel Osborne, CEO, said,
"We are delighted to have secured a gorgeous 30,000 sq.ft.
building as our new Global HQ in Fitzrovia. It will enable us to
work more efficiently and collaboratively, and most importantly to
express our unique brand personality. We look forward to making our
team members comfortable and hosting our global partners in our new
showrooms from Summer 2022.
Having spent more than 20 years in the Ugly Brown Building, it
will be invigorating to be in our new site in Fitzrovia. 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."
The Group will host a conference call for analysts and investors
to discuss this announcement at 8.00am today. Dial-in details are
as follows:
UK +44 330 336 9125
Passcode: 3728622
ENDS
For further information contact:
Tulchan Communications Tel: +44 (0) 20 7353 4200
Jonathan Sibun / Jessica Reid
Further information:
www.tedbaker.com
www.tedbakerplc.com
Notes to Editors
About Ted Baker
Ted Baker is a global fashion and lifestyle company born in the
UK. Having grown steadily from its origins as a specialist shirt
store in Glasgow in 1988, it now has over 500 stores, outlets and
concessions worldwide, including boutiques in all the major fashion
destinations across the UK.
Cautionary statement regarding forward-looking statements
This announcement contains certain forward-looking statements.
These forward-looking statements include matters that are not
historical facts or are statements regarding the Group's
intentions, beliefs or current expectations concerning, among other
things, the Group's results of operations, financial condition,
liquidity, prospects, growth, strategies, and the industries in
which the Group operates. Forward-looking statements are based on
the information available to the Directors at the time of
preparation of this announcement and will not be updated during the
year. The Directors can give no assurance that these expectations
will prove to have been correct. Due to inherent uncertainties,
including both economic and business risk factors underlying such
forward-looking information, actual results may differ materially
from those expressed or implied by these forward-looking
statements.
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END
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