(Alliance News) - Ted Baker PLC said Monday that Toscafund Asset Management LLP on Wednesday last week increased its holding in the fashion retailer to 13%.
Toscafund on Tuesday last week upped its interest in Ted Baker to 12% from 5.9% and then on Wednesday to 13%.
The once high-flying Ted Baker downgraded its annual pretax profit guidance to a minimum of GBP5 million and a maximum of GBP10 million on Tuesday last week. For the year ended January 26, the company had posted a pretax profit of GBP50.9 million.
This followed "lower than anticipated margins and sell-through" over November and the Black Friday period.
Chief Executive Lindsay Page resigned with immediate effect, and chief financial officer Rachel Osborne, poached from Debenhams PLC in September, has become acting chief executive. David Bernstein stepped down as executive chair and non-executive director Sharon Baylay has become acting chair. The company said it already is looking for a replacement for Bernstein.
Shares in Ted Baker were up 5.7% higher at 393.99 pence per share on Monday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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