Ousted Ted Baker founder Ray Kelvin has given his support for taking the retail giant private following a rocky performance since his departure.
Kelvin has reportedly given his support to private equity firm Sycamore after the formal sale process started earlier this month.
According to reports from the Sunday Times, the businessman believes that Sycamore can provide the investment needed to turn the company around.
It comes after the retailer had previously rejected a number of bids from the US firm, claiming its proposals had significantly undervalued the high street fashion chain at £250m.
Ted Baker confirmed earlier this week that the suitor will take part in the formal sales process, but a spokesperson said: “There can be no certainty that an offer will be made, nor as to the terms on which any offer will be made”.
Despite his resignation three years ago following allegations of misconduct, Kelvin still owns 11.5 per cent of shares.
It is understood that shares have dropped by 90 per cent to 155.7p since Kelvin’s exit, as the company grapples with coronavirus lockdowns and changing consumer shopping habits.