A group which sells Ted Baker clothes across the UK slumped into the red as it significantly restructured itself to focus on its Suit Direct brand. As part of the move, Baird Group disposed of its license to sell Ben Sherman clothes, closed unprofitable stores, cut more than 100 jobs and appointed a new chief executive. As a result of the changes, the Leeds-headquartered group has posted a turnover of £49.
3m for the 11 months to the end of 2023, compared to the £82.5m it reported for the year to 28 January 2023. Newly-filed accounts with Companies House have also revealed that the group went from making a pre-tax profit of £358,000 to a loss of £9m.
It also cut its headcount from 565 to 434 during the financial period. The company’s turnover from its retail stores was cut from £36.9m to £23.
6m while its online sales fell from £11.7m to £9.4m.
Its wholesale turnover was slashed from £33.9m to £16.2m.
Its UK turnover decreased from £75.2m to £48.6m, from £5.
6m to £652,000 in the rest of Europe and from £1.5m to £58,000 in the rest of the world. In October, Mark Cotter resigned as chief executive and was replaced by Koran Gul two months later.
Baird Group has held a license to design and make Ted Baker formalwear since 2020. It also sells the likes of Jeff banks, Gibson London, Antique Rogue, Alexandre, Limehaus, Scott & Taylor and Racing Green. A statement signed off by the board said: “The period.
.. saw a transition in strategy and personnel as the company .