Ted Baker disappointed with litigation outcome
Claim against AXA insurance not upheld
Ted Baker has received judgment from the High Court that its on-going claim against AXA Insurance UK PLC, its previous insurers, for loss of profit arising from the theft of inventory from its warehouse from 2004 to 2008 has not been upheld.
A further hearing to determine the award of costs is expected to be held in the next few weeks.
Ted Baker is disappointed with this outcome and is considering its options. This judgment will have no significant impact on the financial position of the Group and no impact on its trading.
As disclosed in the Interim Results announcement for the 28 weeks ended 9 August 2014, Ted Baker has provided £2.6 million for its own legal costs incurred up to 9 August 2014 and those results did not include any contingent asset for the claim. In line with the Group’s accounting treatment, any additional costs that may arise from this judgment will be treated as an exceptional item.
A further announcement will be made as appropriate.
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