Studio Retail Group PLC Appointment of Administrators (7537C)

TIDMSTU

RNS Number : 7537C

Studio Retail Group PLC

24 February 2022

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

24 February 2022

Studio Retail Group plc (in administration)

(the "Company")

APPOINTMENT OF ADMINISTRATORS

Further to the Company's announcement on 14 February 2022 of its Directors' intention to appoint administrators, and subsequent board approval, the Company announces the appointment of Daniel Francis Butters and Daniel James Mark Smith of Teneo Financial Advisory Limited as joint administrators (the "Administrators") of the Company (the "Administration").

The Administrators are currently in advanced discussions in relation to an accelerated M&A process for the business and assets of the Company, including in relation to the Company's main operating company, Studio Retail Limited. For the avoidance of doubt, Studio Retail Limited is not in administration. A further update will be provided in due course.

At the request of the Company and in accordance with the Company's announcement on 14 February 2022, with effect from 7.30 a.m. on 14 February 2022 the Financial Conduct Authority temporarily suspended the listing of the Company's ordinary shares on the premium segment of the Official List and the London Stock Exchange suspended the trading of the Company's ordinary shares on the main market for listed securities maintained by the London Stock Exchange.

In light of the Administration, the Administrators have applied for the cancellation of the listing of the Company's shares on the premium segment of the Official List and cancellation of the trading of the Company's shares on the main market for listed securities maintained by the London Stock Exchange, which are both expected to take place at 8:00 a.m. on 25 February 2022.

Enquiries:

Ben Foster

Teneo

Senior Managing Director

[phone]

Publication on Website

A copy of this announcement will be made available on the Company's website https://www.studioretail.group/. For the avoidance of doubt, the contents of this website are not incorporated and do not form part of this announcement.

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February 24, 2022 09:20 ET (14:20 GMT)