Studio
FormerlyFindel (2000–2019)
Company typeSubsidiary
IndustryMail order, Retail
Founded1962
HeadquartersAccrington, Lancashire
Area served
UK
Products
ServicesStudio Pay
Number of employees
2700+
ParentFrasers Group
Websitewww.studio.co.uk

Studio Retail, known until July 2019 as Findel plc,[1] founded in 1962 as "Fine Art Developments" is a British home shopping company currently part of Frasers Group after they acquired Studio for £26.8 million in 2022.[2]

It was previously listed on the London Stock Exchange between the early 1960's to 2022 before the company fell into administration and shares were suspended on 14 February 2022 when it announced its intention to appoint administrators.[3]

In April 2021 Studio sold the Findel Education businesses for £30 million.[4]

Group Companies

Studio Retail Limited

Studio Retail Limited, formerly Express Gifts Ltd,[6] the largest company within the Findel plc group, sells clothing, greeting cards, gifts, home and garden items through its Studio and Ace catalogues and websites.

Studio Retail Limited is a multi-channel retailer that offers home shopping services through a combination of direct catalogue marketing and online shopping. It is a credit proposition offering credit accounts.

Studio Retail Limited operates through the brands Studio and Ace,[7] and formerly HalfCost and Health & Home Shopping.

Findel Wholesale Limited

Findel Europe B.V.

Findel Sourcing (Shanghai) Limited, Findel Asia Sourcing Limited, Express Gifts Philippines Inc.

Findel Asia Sourcing; sources products for group companies and third parties. Express Gifts Limited Philippines Inc. provides call centre services to Express Gifts Limited.[8]

History

Findel started as a greeting card company and went public in the early 1960s under the name "Fine Art Developments."[3] It spun off its greeting card business in 1997 as a separate company called "Creative Publishing",[9] which was subsequently acquired by Hallmark Cards in 1998.[10] The company changed its name to "Findel plc" in 2000 and then to Studio Retail Group plc in 2019.[11]

In August 2010, Findel sold CWIO, Confetti.co.uk and I Want One of Those (IWOOT) to The Hut Group.[12]

In April 2013, Findel sold its healthcare division, NRS, to LDC, and in March 2015 Findel sold its Kleeneze business to CVSL Inc.[13]

In February 2016, Findel sold its online sports retailing business, Kitbag, to the leading US provider of licensed sports apparel and merchandise, Fanatics, Inc., a snub to Mike Ashley & Sports Direct who had expressed interest in the brand. Sports Direct acquired an 18.9% share in Findel but was unsuccessful in appointing a director.[14]

In April 2017, Findel appointed Phil Maudsley as group CEO.[15]

In June 2019, Findel announced plans to rename itself as Studio Retail Group, and this change came into effect in July.[16]

In April 2021 Studio sold the Findel Education businesses for £30 million.[4]

In February 2022, Studio announced its intention to appoint administrators because options to secure additional borrowing had failed, leaving it insolvent.[17] Its shares are currently suspended on the London Stock Exchange.

In February 2022, Studio Retail Group announced plans to call in administrators after a £25 million funding bid failed.[18] The company was then purchased by Frasers Group for £26.8 million.[2]

Leadership

In 2020, Studio Retail Group PLC nominated Paul Kendrick as the CEO of the Group. He took over from the previous CEO, Phil Maudsley, when he retired in March 2021.[19]

Kendrick joined the company as Studio Retail's commercial and deputy managing director in May 2016 before being promoted to managing director in April 2017. In December 2019, he was appointed to the company's board of directors.[20]

Kendrick stepped down from Studio in 2023 after the business was integrated into Frasers Group following its acquisition in 2022

References

  1. ^ "STUDIO RETAIL GROUP PLC – Overview (Free company information from Companies House)".
  2. ^ a b "Studio Retail Group bought out of administration for £26.8m". BBC News. 25 February 2022.
  3. ^ a b "Top marks for quick switch". Yorkshire Post. 14 December 2004. Retrieved 13 December 2012.
  4. ^ a b "Findel Education sold to management in £30m cash deal | TheBusinessDesk.com". North West. 19 April 2021. Retrieved 30 June 2021.
  5. ^ a b c d "ANNUAL REPORT & ACCOUNTS 2019" (PDF). studio retail. October 2019. Retrieved 25 October 2019.
  6. ^ "Express Gifts Ltd finalise rebranding as Studio Retail Limited | Latest News | Studio Retail Ltd". Archived from the original on 21 April 2019.
  7. ^ "Studio Retail Ltd". Archived from the original on 21 April 2019. Retrieved 25 October 2019.
  8. ^ "Modern Slavery Act Transparency Statement" (PDF). Studio Retail Group. Retrieved 25 October 2019.
  9. ^ "Fine Art Developments to spin off card operation". The Independent. 17 May 1997. Archived from the original on 25 May 2022. Retrieved 13 December 2012.
  10. ^ "Hallmark Cards agrees to buy British competitor". Southeast Missourian. 10 July 1998. Retrieved 13 December 2012.
  11. ^ "ANNUAL REPORT & ACCOUNTS 2019" (PDF). Studio Retail PLC. Retrieved 25 October 2019.
  12. ^ "FINDEL SELLS LOSS-MAKING BUSINESSES". Insider Media. 12 August 2010.
  13. ^ "kleeneze sold to US firm". lancashire business view. 9 February 2015.
  14. ^ "Findel sells Kitbag to Fanatics in Sports Direct snub". 2 February 2016.
  15. ^ "Findel Appoints CEO". StockMarket Wire. 6 April 2017.
  16. ^ "Findel To Become Studio Retail As Annual Profit... | Morningstar". Archived from the original on 8 June 2019.
  17. ^ "Accrington-based Studio Retail Group calls in administrators". BBC News. 14 February 2022. Retrieved 15 February 2022.
  18. ^ Robinson, Jon (14 February 2022). "Studio Retail Group set to call in administrators after £25m funding bid fails". Business Live. Retrieved 18 February 2022.
  19. ^ "Studio Retail Appoints Subsidiary Managing Director As CEO". Morningstar. 3 July 2020. Archived from the original on 7 July 2020. Retrieved 7 July 2020.
  20. ^ "Studio Retail Group appoints new CEO". Drapers. 3 July 2020. Retrieved 7 July 2020.
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