// Frasers Group acquires Studio in £26.8m deal
// The acquisition protects the jobs of more than 1500 staff
Mike Ashley’s Frasers Group has snapped up online retailer Studio out administration in a £26.8 million deal.
The acquisition protects the jobs of more than 1500 staff.
Studio collapsed into administration on Thursday and appointed Teneo to handle its collapse.
READ MORE: Studio falls into administration, placing 1400 jobs at risk
The online retailer had signalled last week that it was likely to fall into administration after its request for a short-term loan from its bank was rejected. Studio needed the loan while it sold through excess stock it was left with after shipping issues in the golden quarter caused delivery delays.
Studio counted Frasers Group as its biggest shareholder, with a 28.9% stake.
The administrators said the transaction was in the best interests of the company’s creditors as a whole.
Frasers Group also agreed to act as guarantor in respect of certain payments into the company’s group pension scheme.
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