Studio Retail appoints Teneo as administrators
The announcement comes as the group’s £25m loan request was rejected by HSBC
Studio Retail, the online retailer, formally appointed Teneo as administrations last night to handle its collapse, according to The Times.
Studio Retail’s request for a short-term £25m working capital loan has been rejected by its bank, HSBC, putting approximately 1,400 jobs at risk.
The company, formerly known as Findel, had its trading in shares suspended on the London Stock Exchange after its loan request was denied, and Studio Retail consequently filed a notice to appoint administrators.
Mike Ashley’s Fraser Group is the group’s largest stakeholder, accounting for 28.89% of the company’s shares.
The announcement comes following Studio Retail Group lowering its adjusted profit before tax for the full year after incurring further costs linked to shipping delays and port congestion.
Last year, the group reported that its profit-before-tax skyrocketed 513% in its financial results for the year ended 26 March 2021, with profits for the online shopping firm rising to £41.7m, up from the £6.8m it reported in the previous period.
