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February 15, 2022

Studio Retail Group to file notice to enter administration

The company's shares have been temporarily unlisted on the London Stock Exchange.

British home shopping company Studio Retail Group’s (SRG) board is set to appoint administrators in a move that could put a number of jobs at risk.

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The company, previously known as Findel, filed a notice of intent (NoI) after failing to secure an ‘urgent’ £25m ($33.86m) loan from its bank, HSBC.

SRG had its shares suspended on the London Stock Exchange as a result.

In a statement, the company said: “As announced on 31 January, Studio has surplus stockholding that requires additional working capital funding while this good quality stock is sold through to customers. 

“The company requested a short-term loan of £25m from its lending banks to fund the surplus stockholding, which, it believed, was sufficient to enable it to sell through the stock to customers.

“Following detailed discussions with our UK lenders, the company has not been able to reach an agreement with them to provide the additional funding Studio requires.

“The Board therefore 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.

“The Board is taking this action to protect the interests of its creditors.”

The call for administrators comes after SRG recorded a 10% decline in sales for the third quarter of the fiscal year 2022 (FY22) compared with a year earlier.

The company said it would aim to sell unsold stock from its continuity ranges, which had arrived late due to supply chain issues, this year.

SRG currently serves around 2.5 million customers and registered £578.6m in sales during the last financial year.

Originally a catalogue gift retailer, the company has expanded online to sell clothes, home and electrical products on flexible payment terms.

It is backed by Mike Ashley’s Frasers Group, which holds a stake of around 29%. Ashley tried to take over the business in 2019, but this was unsuccessful.

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Walmart: Going Beyond Company Disclosures

Walmart has rounded out its fiscal year with a strong set of numbers that show it has taken supply chain disruption, rising costs, heavy inflation, and various other problems in its stride. There is comfortable growth on both the top and bottom lines, which is extremely respectable given tough prior year comparatives. Walmart hiring is slowing down as compared to hiring in the months of April and March in 2022. Walmart posted close to 40,000 vacancies in March and 30,000 in April, which has gone below 10,000 in June 2022. Walmart Company Filings has most of the mentions related to the ESG and COVID-19 themes in 2021. ESG has more than 300 mentions in the company’s 2021 filings which indicates the rising focus on ESG-related issues. Our report on Walmart: Going Beyond Company Disclosures, demonstrates GlobalData Explorer’s ability to:  
  • Track and monitor a company’s movements through alternative indicators to gain insights into the strategy before it is disclosed by the company
  • Gain insight into a company’s capital deployment strategy, by assessing historical deal volumes and specific transactions executed by the company, in addition to identifying sectors of focus
  • Go beyond basic financial information, to access key industry-relevant indicators for a company and how these have progressed over time
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.