Ted Baker has said that its stock overstatement has been valued at £58m, which is “materially higher” than initial estimates.

The fashion retailer, which unveiled a stock overstatement that was given the initial valuation of £25m in December, has said that following an independent investigation by Deloitte the value of the stock was in fact overstated by £58m.

The retailer said this overstatement is “materially higher than the £20-£25m preliminary assessment announced in December 2019.”

However, Ted Baker reiterates that the overstatement is a non-cash item and related to prior years.

The fashion retailer’s chief executive Lindsay Page and chair David Bernstein resigned abruptly last month shortly after its stock overstatement was revealed and upon the business issuing its third profit warning in one year after November and Black Friday trading fell “below expectations”.

The retailer is now helmed by recent addition and former finance boss Rachel Osborne.

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