MIKE ASHLEY's Frasers Group and Next have reportedly expressed interest in buying Ted Baker.

The UK retail giants, both known for acquiring troubled brands, have reportedly contacted the business's administrators to explore a sale of all or parts of it, The Times reported.

No Ordinary Designer Label Limited, which licences the Ted Baker brand from Authentic Brands, made a notice to appoint joint administrators Daniel Smith of Teneo Financial Advisory Limited last month.

At the start of the week, the pair announced 15 stores and around 245 jobs would be terminated as part of the process.

Sources told The Times some shops could be saved under a deal with Next or Frasers Group, which are both understood to want to keep some of the physical stores.

"It is understood that they have less than six weeks to submit a bid. A buyer could be announced within the next three weeks", an insider told the outlet.

Both Next and Frasers are renowned for acquiring distressed retail assets.

City A.M. has contacted Frasers and Next for a comment.

(c) 2024 City A.M., source Newspaper