In January, Ted Baker reported that the value of inventory held on the group’s balance sheet at 26th January 2019 was overstated by £58 million, a number more than double the value of the £20-25m it initially suggested.

Scottish Financial News reported in December last year, that the retailer announced an accountancy issue where the company might have overstated the value of its stock which resulted in the company’s shares dropping by 10%.

KPMG, which has audited Ted Baker’s books since 2001 and was last reappointed in 2012, had agreed not to seek a renewal of its deal and will continue to hold office until the conclusion of Ted Baker on July 21.

Ted Baker said: “BDO LLP will be appointed auditors of the company and will hold office from the conclusion of the Annual General Meeting until the conclusion of the next general meeting at which accounts are laid before the company. The appointment is subject to approval by shareholders at this Annual General Meeting of the Company, to be held on 21 July 2020.”

The appointment of BDO is subject to approval by shareholders at this Annual General Meeting of the company.