Ted Baker completes purchase of Ugly Brown Building

Fashion retailer Ted Baker said on Wednesday it had completed the purchase of its London headquarters.

Known as "The Ugly Brown Building" in London's St Pancras, the property cost Ted Baker £1.18m a year in rent, and was purchased for £58.25m.

When announced in December, the FTSE 250 company said the chance to buy it "provides the company certainty over operating costs and removes the Company's exposure to rising rent reviews".

British Airways has also entered into an agreement to purchase two other blocks on the site, but Ted Baker retains the right to buy 50% of one of those sites if it decides to expand further.