- Fashion retailer Ted Baker said it had agreed to sell its head office in London, known as the Ugle Brown Building, to a unit of British Airways Pension Trustee for £78.8m.

The company also said the 'vast majority' of its retail stores and concessions were now closed, representing about 68% of its global retail sales, due to Covid-19.

Proceeds of the office sale, which remained subject to shareholder approval, would be used to pay down debt.

Ted Baker had entered into a short-term lease of the property for a certain period.

It said it would enter into an option with the buyer to take a long-term lease of part of an adjacent newly developed property, to be known as Bowline.

Ted Baker said its e-commerce channel had proved much more resilient than stores, with sales up 16% in the last eight weeks.

'At this stage, it is too early to provide meaningful guidance for the 2021 financial year,' Ted Baker said.

'In line with prior guidance, the group anticipates underlying pre-tax profit to be within the £5-10m range for the year ended 26 January 2020.'

At 8:10am: [LON:TED] Ted Baker Plc share price was -28.55p at 144.65p

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