The fashion retailer, which unveiled a stock overstatement that was given the initial valuation of £25m in December, has said that following an independent investigation by Deloitte the value of the stock was in fact overstated by £58m.

The retailer said this overstatement is “materially higher than the £20-£25m preliminary assessment announced in December 2019.”

However, Ted Baker reiterates that the overstatement is a non-cash item and related to prior years.