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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Findel Plc | LSE:FDL | London | Ordinary Share | GB00B8B4R053 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 233.00 | 230.00 | 233.00 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Jan 2022 to Jan 2025
TIDMSTU
RNS Number : 5587B
Studio Retail Group PLC
14 February 2022
14 February 2022
Studio Retail Group plc
("SRG", "Studio" or "the Company")
Notice of Intention to Appoint Administrators
Studio, the digital value retailer, today gives an update on discussions to meet its working capital funding requirements.
As announced on 31(st) January, Studio has a surplus stockholding which requires additional working capital funding whilst this good quality stock is sold through to customers. The Company requested a short-term loan of GBP25m 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 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.
Following consultation with the FCA, the Company has requested that the listing of the Company's ordinary shares of 10 pence each be temporarily suspended with effect from 7.30 a.m. on 14 February 2022.
Further announcements will be made as appropriate.
Enquiries
Tulchan Communications LLP
Will Palfreyman
020 7353 4200
This announcement contains inside information for the purposes of article 7 of EU Regulation 596/2014 and Article 7 of Onshore Regulation (EU) 596/2014 as it forms part of domestic law by virtue of the EU Withdrawal Act. The person responsible for making this announcement on behalf of Studio Retail Group is Stuart Caldwell, Group CFO.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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END
MSCQZLBFLLLEBBZ
(END) Dow Jones Newswires
February 14, 2022 02:30 ET (07:30 GMT)
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