×
2 549
Fashion Jobs
ESTEE LAUDER
Mac Cosmetics - Business Manager - Mac Stratford2, London - 37.5 Hours / Week - Full Time, Permanent
Permanent · London
HARRODS
Brand Manager
Permanent · LAKESIDE
HARRODS
Uniformed Security Officer
Permanent · LONDON
VF INTERNATIONAL
Senior Distribution Systems Specialist
Permanent · COALVILLE
ESTEE LAUDER
Bobbi Brown, la Mer And Darphin - CRM & Insights Assistant
Permanent · London
JOHN LEWIS
Section Manager Customer Delivery Speke Cdh
Permanent · SPEKE
HARRODS
Food Supply Manager
Permanent · LONDON
JOHN LEWIS
Loss Prevention Partner
Permanent · CAMBRIDGE
HEAD OFFICE
Cyber Security Lead – Incident Response
Permanent · BRACKNELL
HEAD OFFICE
Delivery & Operations Manager
Permanent · BRACKNELL
BOOHOO GROUP
Product Manager
Permanent · MANCHESTER
DEBENHAMS
CRM Executive
Permanent · LONDON
PRETTYLITTLETHING
Business Analyst
Permanent · MANCHESTER
PRETTYLITTLETHING
Buying Admin Assistant
Permanent · MANCHESTER
BOOHOO GROUP
Warehouse Operative - pm Shift
Permanent · WELLINGBOROUGH
BOOHOO GROUP
Product Insights Manager
Permanent · MANCHESTER
BOOHOO GROUP
Technical Delivery Manager
Permanent · MANCHESTER
BOOHOO GROUP
Business Analyst
Permanent · MANCHESTER
PRETTYLITTLETHING
Senior CRM Automation Executive
Permanent · MANCHESTER
BOOHOO GROUP
Senior Project Manager
Permanent · MANCHESTER
BOOHOO GROUP
Warehouse Team Manager - Twilight Shift
Permanent · WELLINGBOROUGH
ESTEE LAUDER
Clinique - Consultant - Boots Oracle, Reading - 11 Hours, 2 Days (Sat. Sun.) - Part Time, Permanent
Permanent · Reading
Ads
Published
Mar 14, 2022
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Studio Retail had £80m debts, was sold for just £1

Published
Mar 14, 2022

Failed online retailer Studio Retail Group owed more than £80 million when it collapsed into administration and was subsequently sold to Frasers Group for just £1, new documents have revealed.


Studio Retail


Information submitted to Companies House (CH) by administrators Teneo show the total consideration for the group was £1 as well as the release of £53.1 million of secured liabilities under its revolving credit facility and ancillary facilities.

Frasers Group then acquired Studio Retail Group's secured lenders' claims against it for around £26.8 million.

The group owed £50m for a revolving credit facility and £3.1 million for other facilities when it entered administration. It also owed around £4.7 million to HMRC and about £1,100 to employees for holiday pay and pension contributions.

Teneo added that it is waiting for a directors' statement regarding how much is owed to unsecured creditors and that “there may be funds available to distribute to unsecured creditors”.

The document showed the firm saw “considerable supply chain disruption during the six months to December 2021, which delayed the receipt of stock into the UK resulting in an inability to meet customer demand and the loss of sales throughout the group's peak, pre-Christmas trading period.

Stock was primarily sourced from Asia with long lead times, and the firm couldn’t cancel late arriving stock, which meant it had a lot of surplus inventory just as Q4 sales stalled.

Studio Retail approached HSBC in January to extend its funding facility but the request was denied.

The problem also meant a number of suppliers put it on stop and credit insurers suggested its cover would be impacted.

Copyright © 2022 FashionNetwork.com All rights reserved.