海角视频

Oops.

Our website is temporarily unavailable in your location.

We are working hard to get it back online.

PRIVACY
Retail & Consumer

Over 100 jobs to be created as Studio Retail splits off from financial services division

Studio Retail was rescued out of administration by Mike Ashley's Frasers Group in February 2022

Studio Retail Group was formerly known as Findel(Image: Google)

Studio Retail has revealed plans to split off from its financial services division in a bid to return to growth.

The Lancashire-headquartered company will separate its retail business from the division, which is to be renamed Frasers Group Financial Services Limited (FGFSL).

The move comes after Studio Retail was rescued out of administration by Mike Ashley's Frasers Group in February 2022.

READ MORE: Click here to sign up to the BusinessLive North West newsletter

Frasers Group, the owner of brands such as Sports Direct and House of Fraser, bought the company in a £26.8m deal. The business owed over £80m to its creditors when it collapsed.

Newly-filed accounts recently revealed that Studio Retail lost more than £75m in the year before it was rescued.

Studio Retail's office in Clayton-le-Moors, Lancashire(Image: Studio Retail)

FGFSL will provide financial services across the wider Frasers Group as well as Studio Retail. The team will continue to be based in Clayton-le-Moors.

Studio Retail said: "Although now distinctly separate businesses, the relationship between SRTL and FGFSL will continue and they remain inter-related to deliver the best outcomes for customers, and economies of scale.