Frasers Group and Next both in the running to buy Ted Baker out of administration

Rescue: Frasers and Next are said to be considering saving Ted Baker’s European business

Frasers Group and Next are both in talks to buy Ted Baker out of administration.  Mike Ashley’s Frasers and Lord Wolfson’s Next are said to be considering saving the fashion chain’s European business. 

The companies – two of the biggest names on the High Street – have spoken to administrators at Teneo about a full or partial sale, according to The Times.  The report said bidders have less than six weeks to make an offer and a buyer could be announced this month. 

Hundreds of Ted Baker staff were laid off earlier this week in plans to close 15 stores. 

The company behind the fashion brand’s UK shops, No Ordinary Designer Label Limited (NODL), hired administrators last month as it failed to win over younger shoppers. 

Next and Frasers are known for snapping up retailers in crisis. 

Ashley’s retail empire has snapped up toy-maker Hornby and luxury marketplace Matches Fashion in recent months – although the latter later collapsed. 

Next owns Jack Wills and Victoria’s Secret