The fashion retailer has entered into a deal with a British Airways Pension Trustees unit to sell the entire issued share capital of its unit for a sale, with founder and 35% shareholder Ray Kelvin voting in favour of the sale.

Ted Baker has also agreed to increase its loan facility by £13.5m until December 18, which the retailer has said will provide “further financial flexibility while the Group implements its transformation programme.”

The fashion retailer confirmed today that 384 stores across its 416-strong global store estate are now closed due to coronavirus, representing 68% of its overall sales.