More than a thousand jobs saved as Fraser Group buys Accrington based Studio Retail
Mike Ashley’s Fraser Group has bought Studio Retail out of administration for £26.8m, saving almost 1,500 jobs.
Accrington-based Studio Retail, which sells a mix of cut-price own-brand products, signalled their intention to appoint administrators after it failed to secure an urgent £25m loan.
Julia Baldwin, area organiser for Usdaw (Union of Shop, Distributive and Allied Workers) , said: "Usdaw are pleased that Studio Retail has been able to secure a future for the business.
"It’s been a very difficult time for our members. Despite this, members have continued to work hard over the last two weeks and have supported the business with its plans to secure investment.
“I want to thank reps across the sites who have worked hard to ensure they represented their members’ concerns directly to the business and regularly updated their members.
“We look forward to working with Studio Retail Group in the future to ensure the business goes from strength to strength and provides long-term, stable employment.”