Studio Retail Group

Last updated

Studio Retail Trading Limited
Formerly
  • Fine Art Developments plc (1962–2000)
  • Findel plc (2000–2019)
Company type Subsidiary
Studio, Studio Retail
Industry Retail
Founded1962
Headquarters Accrington, Lancashire
Area served
 UK
Products
ServicesStudio Pay
RevenueDecrease2.svg £330.3 million (2023)
Increase2.svg £12.1 million (2023)
Number of employees
2700+
Parent Frasers Group
Website

Studio, (formerly part of Findel plc [1] ) is a British home shopping business and is a wholly owned subsidy of the Frasers Group. Studio was founded in 1962 under the name "Fine Art Developments".

Contents

It operates online and through catalogues and currently sells electronics, furniture, homeware and gifts. Studio also offer a buy now, pay later service called Studio Pay.

In 2022, Studio was purchased out of administration by Frasers Group for £26.8 million. [2]

History

Findel started as a greeting card company and went public in the early 1960s under the name "Fine Art Developments." [3] It spun off its greeting card business in 1997 as a separate company called "Creative Publishing", [4] which was subsequently acquired by Hallmark Cards in 1998. [5] The company changed its name to "Findel plc" in 2000 and then to Studio Retail Group plc in 2019. [6]

It was previously listed on the London Stock Exchange between the early 1960's to 2022 before the company fell into administration and shares were suspended on 14 February 2022 when it announced its intention to appoint administrators. [3]

In August 2010, Findel sold CWIO, Confetti.co.uk and I Want One of Those (IWOOT) to The Hut Group. [7]

In April 2013, Findel sold its healthcare division, NRS, to LDC, and in March 2015 Findel sold its Kleeneze business to CVSL Inc. [8]

Studio's previous logo Studio Retail Group Logo.png
Studio's previous logo

In February 2016, Findel sold its online sports retailing business, Kitbag, to the leading US provider of licensed sports apparel and merchandise, Fanatics, Inc., a snub to Mike Ashley & Sports Direct who had expressed interest in the brand. Sports Direct acquired an 18.9% share in Findel but was unsuccessful in appointing a director. [9]

In April 2017, Findel appointed Phil Maudsley as group CEO. [10]

In June 2019, Findel announced plans to rename itself as Studio Retail Group, and this change came into effect in July. [11]

In April 2021 Studio sold the Findel Education businesses for £30 million. [12]

In February 2022, Studio announced its intention to appoint administrators because options to secure additional borrowing had failed, leaving it insolvent. [13] Its shares are currently suspended on the London Stock Exchange.

In February 2022, Studio Retail Group announced plans to call in administrators after a £25 million funding bid failed. [14] The company was then purchased by Frasers Group for £26.8 million. [2]

Studio Pay

Studio Pay's Logo Studio Pay Logo.jpg
Studio Pay's Logo

Studio Pay is a buy now, pay later service allowing customers to spread the cost of their purchase over varied payment terms. The service and credit is provided by Frasers Group Financial Services Limited a part of the Frasers Group. [15]

Studio Pay can be used with retailers such as Sports Direct, House of Fraser, USC, Flannels.

Leadership

In 2020, Studio Retail Group PLC nominated Paul Kendrick as the CEO of the Group. He took over from the previous CEO, Phil Maudsley, when he retired in March 2021. [16]

Kendrick joined the company as Studio Retail's commercial and deputy managing director in May 2016 before being promoted to managing director in April 2017. In December 2019, he was appointed to the company's board of directors. [17]

Kendrick stepped down from Studio in 2023 after the business was integrated into Frasers Group following its acquisition in 2022

Former operations

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References

  1. ↑ "STUDIO RETAIL GROUP PLC – Overview (Free company information from Companies House)".
  2. 1 2 "Studio Retail Group bought out of administration for £26.8m". BBC News. 25 February 2022.
  3. 1 2 "Top marks for quick switch". Yorkshire Post . 14 December 2004. Retrieved 13 December 2012.
  4. ↑ "Fine Art Developments to spin off card operation" . The Independent . 17 May 1997. Archived from the original on 25 May 2022. Retrieved 13 December 2012.
  5. ↑ "Hallmark Cards agrees to buy British competitor". Southeast Missourian . 10 July 1998. Retrieved 13 December 2012.
  6. ↑ "ANNUAL REPORT & ACCOUNTS 2019" (PDF). Studio Retail PLC. Retrieved 25 October 2019.
  7. ↑ "FINDEL SELLS LOSS-MAKING BUSINESSES". Insider Media. 12 August 2010.
  8. ↑ "kleeneze sold to US firm". lancashire business view. 9 February 2015.
  9. ↑ "Findel sells Kitbag to Fanatics in Sports Direct snub". 2 February 2016.
  10. ↑ "Findel Appoints CEO". StockMarket Wire. 6 April 2017.
  11. ↑ "Findel To Become Studio Retail As Annual Profit... | Morningstar". Archived from the original on 8 June 2019.
  12. ↑ "Findel Education sold to management in £30m cash deal | TheBusinessDesk.com". North West. 19 April 2021. Retrieved 30 June 2021.
  13. ↑ "Accrington-based Studio Retail Group calls in administrators". BBC News. 14 February 2022. Retrieved 15 February 2022.
  14. ↑ Robinson, Jon (14 February 2022). "Studio Retail Group set to call in administrators after £25m funding bid fails". Business Live. Retrieved 18 February 2022.
  15. ↑ "Studio Pay Website". Studio. Retrieved 8 February 2024.
  16. ↑ "Studio Retail Appoints Subsidiary Managing Director As CEO". Morningstar. 3 July 2020. Archived from the original on 7 July 2020. Retrieved 7 July 2020.
  17. ↑ "Studio Retail Group appoints new CEO". Drapers. 3 July 2020. Retrieved 7 July 2020.
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