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Ted Baker has said that the first phase of its transformation plans will focus on profitability, cost, and the effective use of capital.

In an attempt to recover from its £58m overstatement of inventory, the company will initiate a number of cost-saving operations, including reducing its office cost base by reducing the group’s organisational structure.

Earlier this month, the executive committee at the retailer was restructured, with the number of members reduced from 13 to 9. It also plans to reorganise key head office and business functions.

The result of this initiative will involve the reduction of 102 roles and the removal of a further 58 posts which are currently vacant, which will in turn result in a £5m cost saving for the current financial year, and a further £7m annually.

Rachel Osborne, acting chief executive officer, said: “2019 was a very challenging year for Ted Baker.

“The strategic priorities we are announcing today will re-energise the Ted Baker brand and improve our customer proposition, ensuring the long-term success of the business. The changes we are announcing are difficult because colleagues across the business have been working hard in what has been a challenging period for Ted Baker.

“The Board and I believe that we will only realise Ted’s long-term potential by transforming the way the business operates.”

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