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UK fashion retailer Ted Baker agrees bank refinancing

Ted Baker yesterday pushed back publication of its full year results from May 27 to June 10
Ted Baker yesterday pushed back publication of its full year results from May 27 to June 10

Struggling British fashion retailer Ted Baker has refinanced by extending a revolving credit facility with its existing syndicate of lending banks.

Under the new agreement a facility of £108m maturing in September 2022 and a restricted facility of £25m maturing in January 2022, will be replaced by a new facility of £90m reducing to £80m in January 2022 until maturity in November 2023.

Ted Baker, which has seen sales plunge during the Covid-19 pandemic, said the amended facility includes changes to covenant tests related to earnings.

It said that when combined with its net cash position of £66.7m at the end of its financial year to January 30 2021, the group has the necessary cash and liquidity to execute its turnaround plan.

Ted Baker yesterday pushed back publication of its full year results from May 27 to June 10. It said the results will be in line with consensus expectations.