Studio Retail Group has appointed joint administrators as it seeks an “accelerated” mergers and acquisitions process.
The Lancashire-based online retailer employs around 1400 staff and first announced that it was speaking to administrators earlier this month, after it was unable to secure a short-term loan of £25m.
In a statement to the Stock Exchange, it confirmed that Teneo Financial Advisory’s Daniel Butters and Daniel Smith would be its joint administrators and they were “currently in advanced discussions in relation to an accelerated M&A process for the business and assets of the Company, including in relation to the Company’s main operating company, Studio Retail Limited.”
The statement added that “for the avoidance of doubt” Studio Retail Group Ltd is “not in administration.”
“At the request of the Company and in accordance with the Company’s announcement on 14 February 2022, with effect from 7.30 a.m. on 14 February 2022 the Financial Conduct Authority temporarily suspended the listing of the Company’s ordinary shares on the premium segment of the Official List and the London Stock Exchange suspended the trading of the Company’s ordinary shares on the main market for listed securities maintained by the London Stock Exchange,” continued the statement.
“In light of the Administration, the Administrators have applied for the cancellation of the listing of the Company’s shares on the premium segment of the Official List and cancellation of the trading of the Company’s shares on the main market for listed securities maintained by the London Stock Exchange, which are both expected to take place at 8:00 a.m. on 25 February 2022.”
Studio Retail Group’s biggest investor is Mike Ashley’s Frasers Group, which holds 28.8%.
