Ashley-backed Studio in ‘accelerated M&A process’

Mike Ashley

Accrington-based home shopping firm Studio Retail Group plc (SRG) — formerly known as Findel — said on Thursday its administrators are “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.”

SRG said: “For the avoidance of doubt, Studio Retail Limited is not in administration.”

Studio Retail Group’s biggest shareholder at about 29% is listed as Mike Ashley’s Frasers Group.

The news came as Studio Retail Group announced on Thursday the appointment of Daniel Francis Butters and Daniel James Mark Smith of Teneo Financial Advisory Limited as joint administrators of the company.

On February 14, Studio Retail Group announced it would appoint administrators “as soon as reasonably practicable” after failing to secure a short-term loan of £25 million from its lending banks.

In a stock exchange statement on Thursday, Studio Retail Group said: “The administrators are 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.

“For the avoidance of doubt, Studio Retail Limited is not in administration. A further update will be provided in due course.

“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.

“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.”

About the Author

Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.