The fashion brand dismayed investors and analysts alike last week when it posted a £23m loss for the 28 weeks to August 10, down from a £24.5m profit in the same period the previous year. Revenue across the group dipped 0.7% to £303.8m, while total retail sales slipped 2.5% to £214.5m.

Another worry for Ted Baker is the performance of its ecommerce offering. Despite having a historically strong, multi-channel ecommerce offering, online sales for the first half fell 1.3% to £52.3m.

In response, investors knocked 35% off its market value within hours of the results being posted and it closed the day trading at historic lows of 469.4p.