Member Article

Ted Baker completes acquisition of The Ugly Brown Building

Lifestyle brand Ted Baker has confirmed its acquisition of Block B, Canal Reach, St Pancras Way, London, also known as The Ugly Brown Building,

The retailer has agreed to purchase the freehold property for £55.25m plus costs of £3m, through Big Lobster Limited, a wholly owned subsidiary of Ted Baker.

The Ugly Brown Building is a 78,920 sq. ft. building currently occupied by Ted Baker as its head office.

Initially announced in December, the Acquisition will be financed by the addition of a £60m secured term loan to the Company’s existing multi-currency revolving credit facility with The Royal Bank of Scotland and Barclays.

Ted Baker has entered into an agreement with BAPTL, which grants the retailer a unilateral option to purchase 50% of Block A, a 25,347 sq. ft. building which is currently vacant, for a total cash consideration of £5.1m at any time within 15 months from the date of the agreement.

Commenting, Ray Kelvin CBE, founder and chief executive, said: “The Ugly Brown Building has become an iconic building in a rapidly developing central London location and a very important ingredient of Ted Baker’s history and unique personality.

“We are delighted to have secured our future in this excellent location as Ted Baker continues to develop as a global lifestyle brand. We are confident that this will help us preserve our culture and to continue to attract and retain great talent. This is great news for our business, our brand, and our people.”

This was posted in Bdaily's Members' News section by Ellen Forster .