Ted Baker has agreed an extension to its RCF out to November 2023 and, among other changes, amendments to its adj. EBITDA covenant tests that provide further financial flexibility. This is a positive signal that the group’s existing lenders remain supportive and, combined with its net cash position of £66.7m as at 30 January 2021, it provides significant liquidity and headroom to support further progress on the transformation plan. This good news follows yesterday’s update that the prelims (now 10th June) will report results in line with consensus expectations and that management reiterates the FY23 targets as set out at the FY20 prelims. The past year has been one of significant progress and as the roadmap out of lockdown continues, TED’s refreshed offer and the prospect of a buoyant occasion wear market this A/W could prove very timely.
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