British retail conglomerate Frasers Group, which owns shops including House of Fraser and Evans Cycles, has acquired online and mail order shopping company Studio Retail Group, following the firm’s collapse earlier this month.
Frasers Group – the firm initially set up as Sports Direct International by British retail billionaire Mike Ashley – has acquired Studio after a failed funding bid saw it collapse into administration on 14 February.
Having founded Frasers in 1982, Ashley remains the CEO of the retail giant, which also owns major clothing brands such as Everdale, Lonsdale, and Slazenger.
Founded under the name Findel in Lancashire in 1962, Studio started as a mail order retailer selling clothes, greeting cards, gifts, and home and garden items. The firm now generates more than 90 per cent of its sales online.
Under the terms of the deal, Studio will continue to trade under its own name, while working under Frasers’ ownership.
Daniel Smith, Joint Administrator, commented: “This transaction preserves the Studio brand and the jobs of its employees, providing them with stability and a platform for growth in what continues to be a challenging retail environment. We would like to thank all employees and other key stakeholders for their support through this process.”