High street retailer Ted Baker has been bought by Authentic Brands Group (ABG) for £211million.

Founded over three decades ago, the British company has 370 locations worldwide including a shop in Gloucester Quays and a concession in House of Fraser in Cheltenham.

It has fallen out of favour with shoppers in recent years as demand for occasionwear dropped and clothing trends became more casual over lockdown.

Global company ABG is hoping to revitalise the retailer's fortunes. It plans to convert Ted Baker into a licensed business model.

Jamie Salter, founder, chairman and CEO of ABG, said: "We are excited to welcome Ted Baker to the Authentic family.

"This uniquely British brand enhances our fashion portfolio and further reinforces ABG's brand presence in the UK, Europe and the Middle East.

The purchase of Ted Baker is in line with our strategic focus on growing and diversifying the portfolio through the acquisitions of brands that originate from outside of the US."

ABG's portfolio of more than 50 lifestyle, entertainment and media brands has reached $24 billion in annual system-wide retail sales with distribution in more than 150 countries.

In February, it opened its London-based European headquarters and earlier this year it acquired Reebok and the David Beckham brand.