Studio Retail Group PLC - Lancashire, England-based home shopping company - Announces it will file a notice of intention to appoint administrators to company and wholly owned subsidiary, Studio Retail Ltd. Follows failed financing attempt for additional working capital needed to fund the company as it sells off surplus stock. Had requested GBP25 million short-term loan from its lending banks, but was unable to reach any agreements. Studio Retail counts Frasers Group PLC as a shareholder.
After consulting with the Financial Conduct Authority, it has requested to suspend trading effective immediately.
"The board is taking this action to protect the interests of its creditors," SRG says.
Current stock price: suspended - closed at 115.00 pence on Friday
12-month change: down 60%
By Elizabeth Winter; elizabethwinter@alliancenews.com
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Frasers Group (FRAS)