Addleshaw Goddard has advised Ted Baker on the 78.75m sale of its London headquarters, the Ugly Brown Building, to the British Airways Pension Fund.
The cross-sector deal saw Ted Baker selling the company Big Lobster Limited, a wholly-owned Ted subsidiary, whose sole asset is the building. It is part of a transformational de-leveraging strategy put in place by the new executive management. As the value of Big Lobster is more than 25% of the parent company's market capitalisation, it is classified as a Class One transaction under the Listing Rules.
The AG team was led by Simon Wood, Andrew Rosling, and William Boss. It included Natalie Steur, Isabelle Kilner, Jeremy Cruse, Jack Edwards (Corporate), Julie Hodkinson, Charlotte Downes, Rhian Baggaley, Fay Kennerley, Bilal Patel (Real Estate), Justine Delroy, Chris Fox (Tax), Gary Sector, Sarah Hodge (Planning).
Simon Wood said: "Against the backdrop of incredibly challenging working conditions, we are delighted that a cross-office, cross department team has been able to deliver such a strategically critical deal for Ted Baker. There were multiple moving parts, all of which needed to be co-ordinated and fall into place at the correct time, against urgent time pressure.
"Regardless of the disruption caused by Covid-19, the team – many working remotely – were able to deliver first class work, and demonstrate that our commitment to our clients remains as strong as ever."