Ted Baker has said its chief executive and executive chairman have quit as it warned over profits once again.

The group said Lindsay Page resigned as chief executive and has been replaced by finance chief Rachel Osborne, who becomes acting chief executive with immediate effect.

Ted Baker has also kicked off the search for a new chairman after David Bernstein stepped down.

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The resignations were announced as Ted said it is now expecting annual pre-tax profits of between £5 million and £10 million after worse-than-expected trading in November and over Black Friday.

Ted Baker said the past year has been the "most challenging in our history".

It confirmed it has hired consultants Alix Partners to carry out a review of the group's operational efficiency, costs and business model as part of an urgent recovery plan.

The firm already began a review of its assets in October, which is ongoing.

It also announced it has suspended its shareholder dividend payout.

Ted Baker shares dropped 17%, having plummeted as much as 36% at one stage.

Wetherspoons is to invest more than £200 million in pubs and hotels over the next four years, creating around 10,000 jobs, the company has announced.

New pubs and hotels will be opened, and existing pubs across the UK and Republic of Ireland will be enlarged.

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Most of the investment will be channelled into developments in small and medium-sized towns, but will also include larger towns and cities.

These are set to include new pubs in Bourne in Lincolnshire; Waterford in Ireland; Hamilton in Scotland; Ely in Cambridgeshire; Diss in Norfolk; Felixstowe in Suffolk; Newport Pagnell in Buckinghamshire; and Prestatyn in North Wales.

It will also be investing in major cities including London, Dublin, Edinburgh, Glasgow, Birmingham, Leeds and Galway.

Wetherspoons founder and chairman Tim Martin said: "We are looking forward to opening many more new pubs as well as investing in existing pubs over the next four years.

"We are especially pleased that a large proportion of the investment will be in smaller towns and cities which have seen a decline in investment in recent years.

"The fact that we will be creating approximately 10,000 jobs is great news too."

The competition watchdog has allowed Ovo Energy to break into the top flight of energy suppliers by buying the retail arm of SSE.

The Competition and Markets Authority (CMA) said it will not open a second-phase investigation into the £500 million acquisition, a major milestone for the industry.

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The deal will still see SSE, formerly Scottish and Southern Energy, hold on to its electricity generation arm and its grid operations.

It plans to treble its production of renewable energy by 2030, to around 12 gigawatts.

SSE had been looking for something to do with its retail arm for a long time, and was dealt a major blow around a year ago when it was forced to scrap a planned merger with Npower amid a challenging market.