Mike Ashley's Fraser close to tie-up with Ted Baker - report

Mike Ashley is reportedly close to securing a deal to become the new British partner of struggling UK fashion chain Ted Baker.

Ashley's Frasers Group has emerged as the preferred partner for the chain after the collapse of No Ordinary Designer Label (NODL), Ted Baker's existing UK licensing partner.

Sky News cited unnamed retail industry sources as saying that Frasers and NODL's administrators hoped to reach agreement on a deal in the coming days.

If completed, Ted Baker would join Ashley's other brands, which include Evans Cycles, Gieves & Hawkes, House of Fraser, Jack Wills and Sports Direct.

Next was also reported to be in contention for a deal, while OSL, Ted Baker's US licensing partner, also expressed an interest several weeks ago.

Ted Baker's UK operation still includes dozens of shops, although NODL's administrator, Teneo, was forced to close 15 Ted Baker stores last month with the loss of more than 200 jobs.

Authentic Brands Group, which owns Ted Baker's parent company, will work closely with Ashley if Frasers is confirmed as the brand's new British partner, the report added.

The latest troubles come roughly 18 months after Ted Baker delisted from the London stock market after being bought by ABG, headed by the entrepreneur Jamie Salter, for about £210m.

Reporting by Frank Prenesti for Sharecast.com