Ted Baker disappointed after ruling on AXA Insurance UK case

31st Oct 2014 09:52

Ted Baker on Friday said it is "disappointed" after it received judgement from the High Court that its on-going claim against AXA Insurance UK has not been upheld.The group said a further hearing to determine the award of costs is expected to be held in the next few weeks.The case with its previous insurers was for the loss of profit arising from the theft of inventory from its warehouse from 2004 to 2008."Ted Baker is disappointed with this outcome and is considering its options," the company said of the High Court's decision."This judgement will have no significant impact on the financial position of the group and no impact on its trading." As previously indicated, Ted Baker has set aside £2.6m for its legal costs incurred up to 9 August 2014.Any additional costs that may arise from this judgement will be treated as an exceptional item.