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Ted Baker has announced plans to move to a new headquarters in central London.
The fashion brand has signed a 10-year lease with Westminster City Council, with rent of £900,000 and plans to move to the new building in Fitzrovia, London next summer.
The move will allow the group to reduce its rent charges with costs at its current location in Kings Cross – named the Ugly Brown Building – at £3.5m.
In addition, the costs would rise to £4.2m if bosses tried to lease Block A of the Tribeca development in Kings Cross.
The group said these savings in rent are “separate” to its fixed rent cost saving target of 15% for financial year 2022 that the group announced at its preliminary results on 14 June 2021.
Ted Baker said the new HQ, which will be called the Gorgeous Brown Building (GBB), is a “fitting home for the brand with its distinctive flatiron shape and epic ceiling heights”.
Rachel Osborne, CEO of Ted Baker, said: “We are delighted to have secured a gorgeous 30,000 sq.ft. building as our new Global HQ in Fitzrovia.
“It will enable us to work more efficiently and collaboratively, and most importantly to express our unique brand personality. We look forward to making our team members comfortable and hosting our global partners in our new showrooms from summer 2022.”
She added: “Having spent more than 20 years in the Ugly Brown Building, it will be invigorating to be in our new site in Fitzrovia. Times have changed, as have our ways of working, and our brand has a refreshed personality and energy, which will be perfectly reflected in the Gorgeous Brown Building.”
