Ted Baker founder urges government to take note of obstacles retailers face

Warning: Ray Kelvin, the boss of Ted Baker, said the government should take note that “too many car crashes” are about to hit retailers simultaneously

Joanna Hodgson17 November 2016

Ted Baker founder Ray Kelvin on Thursday urged the Government to take note that “too many car crashes” are about to hit retailers simultaneously.

The retail guru made the plea ahead of Chancellor Philip Hammond’s Autumn Statement next week, and in response to a looming rise in business rates next year that will hit London brands hard.

He told the Standard: “My message to the Chancellor would be that there will be pricing pressures because of Brexit, currency headwinds, and now business rate changes. The Government must be mindful that there are too many car crashes coming at once for retailers.”

However, Kelvin added that his business would not be hit as hard as others on the High Street as it is a global brand, with income in lots of currencies.

Ted Baker saw sales increase almost 15% in the 13 weeks to November 12, helped by shoppers splashing out on coats and dresses.

“The brand continues to perform well despite challenging trading conditions,” said Kelvin.

Liberum analyst Tom Gadsby said: “Ted remains one of our preferred plays in the sector with sustainable long-term growth.” Shares rose 59p, or 2.36%, to 2560p.

The 77-stores chain has also expanded in North America, with openings in Atlanta, Miami and Calgary.