As ‘golden hellos’ go, this is impressive. Michael Murray, the incoming CEO of Frasers Group has been awarded a near-£21 million consultancy fee as he prepares to take over from founder Mike Ashley on 1 May.
Studio Retail only appointed administrators this week but it’s already been sold. And the new owner is Frasers Group. The Mike Ashley-led retail giant already owned an almost-30% stake pre-administration
Any hopes that Studio Retail might turn around its fortunes have been dashed as it has formally called in administrators. The online retailer has appointed Teneo to handle its collapse, with around 1,400 jobs at risk.
The shock news that Studio Retail is to file for administration has put over a thousand jobs at risk and reportedly also left major investor and Frasers Group boss Mike Ashley mystified as to why it happened.
There’s speculation that THG founder and CEO Matt Moulding could take the listed company private after he said he regrets listing the firm around a year ago. Its shares rose over 5% in early trading Monday as a result.