Fashion brand Ted Baker is moving to a new headquarters in central London.
he company confirmed it has signed a 10-year lease with Westminster City Council, with rent of £900,000 a year, and expects to move in next summer.
The relocation to 101 Cleveland Street, in Fitzrovia, marks a significant shift for the retailer, which has been based in King’s Cross for 20 years.
Bosses said the move will see its rent reduced, with current charges at its King’s Cross base – called the Ugly Brown Building – of £3.25 million, and up to £4.2 million if it took up an option to lease another block.
Ted Baker had previously owned the Ugly Brown Building but it was sold to British Airways Pension Trustees for £78.8 million last year following the departure of founder Ray Kelvin, who faced allegations of workplace harassment. He denied any wrongdoing.
The new HQ will be named the Gorgeous Brown Building, and bosses said it “is a fitting home for the brand with its distinctive flatiron shape and epic ceiling heights”.
Chief executive Rachel Osborne said: “It will enable us to work more efficiently and collaboratively, and most importantly to express our unique brand personality.
“We look forward to making our team members comfortable and hosting our global partners in our new showrooms from summer 2022.”