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Frasers Group has announced that it has acquired digital retailer, Studio Retail Limited and certain other assets of Studio Retail Group, following news the retailer fell into administration.
It follows yesterday’s news that it formally appointed Teneo as administrations to handle its collapse, according to The Times.
Its request for a short-term £25m working capital loan has been rejected by its bank, HSBC, putting approximately 1,400 jobs at risk.
The latest takeover by Frasers comprised cash and the release of Studio from its liabilities to the lending banks under its revolving credit facilities resulting in a cash payment by Frasers Group to the lenders in the amount of £26.m.
Studio also agreed to act as guarantor in regards to certain payments in respect of its pension scheme to the “satisfaction of its trustees”.
Frasers said the acquisition will provide it with “expertise and synergies that will accelerate this ambition”. Frasers Group added it was pleased to have rescued another business out of administration and saved approximately 1,500 jobs.
