Studio to call in administrators
Online value retailer Studio is to file a notice of intention to appoint administrators after it failed to secure an agreement with its lenders regarding a working capital funding need.
The company announced back in January that it had a surplus stockholding which required additional working capital funding whilst it was sold through to customers. Studio then requested a short-term loan of £25 million from its lending banks, but was unable to reach agreement with them despite detailed discussions.
Studio’s board now intends to file a notice of intention to appoint administrators to SRG and Studio Retail Limited, its wholly owned subsidiary, “as soon as reasonably practicable” as it looks to protect the interests of creditors.
Following consultation with the FCA, the company has requested that the listing of its ordinary shares be temporarily suspended from 14 February.
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