Probe: Outside review after Ted Baker overstates its inventory
Bosses at Ted Baker have uncovered that the fashion brand's inventory has been overstated by between £20m (€23m) and £25m (€29m), the company has said.
The board has brought in lawyers and independent accountants to assess the issue, which the company insisted will have no cash impact and only relates to previous years.
Freshfields Bruckhaus Deringer will now undertake a comprehensive review of the issue.
The company added: "All costs and fees associated with completing the independent review will be expensed in the period incurred and clearly identified as such."
Please log in or register with Independent.ie for free access to this article.
Analysts suggest the move is the first significant step taken by new finance chief Rachel Osborne to get to grips with the company's accounts.