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On 25 February 2022, Frasers Group PLC announced it acquired digital retailer Studio Retail Limited (SRL) and certain assets of Studio Retail Group plc (SRG), which was in administration. The consideration included a cash payment of £26.8 million by Frasers Group to SRG's lending banks, release of SRG from its liabilities, and an agreement by Frasers Group to act as guarantor for SRG's group pension scheme payments. For the year ended 26 March 2021, SRG had gross assets of £515,814 million and profits of £42,727 million.
| Date | 25 Feb 2022 |
| Time | 07:00:06 |
| Category | Acquisitions and alliances |
| ID | 7632C |
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMTION
25 February 2022
FRASERS GROUP PLC
("Frasers Group" or the "Company")
Acquisition of Studio Retail
Frasers Group announces that it has acquired digital retailer, Studio Retail Limited (SRL) and certain other assets of Studio Retail Group plc (in administration) (SRG) (the Transaction)[1]. The consideration for the Transaction comprised cash and the release of SRG from its liabilities to the lending banks under its revolving credit facilities resulting in a cash payment by Frasers Group to the lenders in the amount of £26.8 million. The Company also agreed to act as guarantor in respect of certain payments in respect of the SRG group pension scheme to the satisfaction of the Trustees.
As Frasers Group seeks to elevate its customer journey including a flexible repayment proposition, the acquisition of SRL will provide Frasers Group with expertise and synergies that will accelerate this ambition. Frasers Group is also pleased to have rescued another business out of administration and saved approximately 1,500 jobs
The person responsible for arranging the release of this announcement on behalf of Frasers Group is Tom Piper, Company Secretary.
Ends.
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Frasers Group plc Tom Piper, Company Secretary LEI: 213800JEGHHEAXIJDX34
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T. 0344 245 9200 E. investor.relations@frasers.group |
[1] The Transaction constitutes a class 2 transaction under the UK Listing Rules. For the year ended 26 March 2021 (the last date to which statutory accounts are available and prior to the appointment of the administrators to SRG), SRG had gross assets of £515,814 million and profits of £42,727 million.