// 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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4 Comments. Leave new
was customer for years left 3 years ago after acicdenI am trying now to be reinstated no lucksofar
I placed and paid for an order nearly a month ago, and still waiting for delivery…..tried contacting Studio but no response.
My guess is that Mike Ashley will buy it out of Administration.
It is a good company with a place in the market going by its level of sales.