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Studio falls into administration, placing 1400 jobs at risk

// Studio goes into administration after bank rejects request for loan
// Administrators from Teneo have been appointed to handle its collapse

Studio has reportedly collapsed into administration after its bank rejected its request for a loan, placing around 1400 jobs at risk.

Administrators from Teneo have formally been drafted in to handle its collapse, The Times reported.

The online retailer had signalled earlier this month that it was likely to fall into administration.

READ MORE: Studio Retail: What went wrong?

The company formerly known as Findel, suspended its shares last week after saying its request for a short-term £25 million working capital loan had been turned down by its bank HSBC.

Studio counts Mike Ashley’s Frasers Group as its biggest shareholder, with a 28.9 per cent stake.

The retailer had about 2.3 million customers and sells categories including homeware and electronics as well as clothing, but was impacted by supply chain problems.

Studio had a market capitalisation of £100 million, and it made more than half a billion in sales and £41.7 million pre-tax profits last year.

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The post Studio falls into administration, placing 1400 jobs at risk appeared first on Retail Gazette.



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