Studio Retail Group
{{Short description|British home shopping company}}
{{Redirect|Findel plc|other uses|Findel (disambiguation)}}
{{pp-move}}
{{Use dmy dates|date=August 2023}}
{{Use British English|date=February 2022}}
{{Infobox company
| name = Studio Retail Trading Limited
| logo = Studio New Logo 2024.jpeg
| logo_size = 220
| image =
| image_size = 200
| image_caption = Studio website screenshot - 8 February 2024
| former_name = {{Ubl
| Fine Art Developments plc (1962–2000)
| Findel plc (2000–2019)
}}
| type = Subsidiary
| traded_as = Studio, Studio Retail
| area_served = UK
| industry = Retail
| products = {{unbulleted list| Clothing | Electronics | Furniture | Homeware | Jewellery | Christmas | Gifts}}
| services = Studio Pay
| revenue = {{decrease}} £330.3 million (2023)
| operating_income = {{increase}} £12.1 million (2023)
| num_employees = 2700+
| website = {{Ubl
| {{URL|https://www.studio.co.uk|Studio}}
| {{URL|https://www.studio.co.uk/studio-pay|Studio Pay}}
}}
| foundation = 1962
| fate =
| parent = Frasers Group
| location = Accrington, Lancashire
}}
Studio, (formerly part of Findel plc{{cite web|url=https://beta.companieshouse.gov.uk/company/00549034|title = STUDIO RETAIL GROUP PLC – Overview (Free company information from Companies House)}}) is a British home shopping business and is a wholly owned subsidy of the Frasers Group. Studio was founded in 1962 under the name "Fine Art Developments".
It operates online and through catalogues and currently sells electronics, furniture, homeware and gifts. Studio also offer a buy now, pay later service called Studio Pay.
In 2022, Studio was purchased out of administration by Frasers Group for £26.8 million.
History
Findel started as a greeting card company and went public in the early 1960s under the name "Fine Art Developments."{{cite news|date=14 December 2004|url= http://www.yorkshirepost.co.uk/news/around-yorkshire/local-stories/top-marks-for-quick-switch-1-2552506 |title=Top marks for quick switch|newspaper= Yorkshire Post|access-date=13 December 2012}} It spun off its greeting card business in 1997 as a separate company called "Creative Publishing",{{cite news|date=17 May 1997|url= https://www.independent.co.uk/news/business/fine-art-developments-to-spin-off-card-operation-1261990.html |archive-url=https://ghostarchive.org/archive/20220525/https://www.independent.co.uk/news/business/fine-art-developments-to-spin-off-card-operation-1261990.html |archive-date=25 May 2022 |url-access=subscription |url-status=live |title=Fine Art Developments to spin off card operation|newspaper= The Independent|access-date=13 December 2012}} which was subsequently acquired by Hallmark Cards in 1998.{{cite news|date=10 July 1998|url= https://news.google.com/newspapers?nid=1893&dat=19980710&id=H6kfAAAAIBAJ&sjid=ctYEAAAAIBAJ&pg=4673,1369321 |title=Hallmark Cards agrees to buy British competitor|newspaper= Southeast Missourian|access-date=13 December 2012}} The company changed its name to "Findel plc" in 2000 and then to Studio Retail Group plc in 2019.{{cite web|title=ANNUAL REPORT & ACCOUNTS 2019|url=https://www.studioretail.group/content/3-investor-centre/5-shareholder-centre/agm-documents/FY19-Annual-Report-and-Accounts.pdf|archive-url=https://web.archive.org/web/20190829204532/https://www.studioretail.group/content/3-investor-centre/5-shareholder-centre/agm-documents/FY19-Annual-Report-and-Accounts.pdf|url-status=usurped|archive-date=29 August 2019|access-date=25 October 2019|website=Studio Retail PLC}}
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.
In August 2010, Findel sold CWIO, Confetti.co.uk and I Want One of Those (IWOOT) to The Hut Group.{{cite news |title=FINDEL SELLS LOSS-MAKING BUSINESSES |url=https://www.insidermedia.com/news/yorkshire/37570- |publisher=Insider Media |date=12 August 2010}}
In April 2013, Findel sold its healthcare division, NRS, to LDC, and in March 2015 Findel sold its Kleeneze business to CVSL Inc.{{cite news |url=https://www.lancashirebusinessview.co.uk/latest-news-and-features/kleeneze-sold-to-us-firm |publisher=lancashire business view |title=kleeneze sold to US firm |date=9 February 2015}}
File:Studio Retail Group Logo.png
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.{{cite news |title=Findel sells Kitbag to Fanatics in Sports Direct snub |url=https://www.drapersonline.com/news/findel-sells-kitbag-to-fanatics-in-sports-direct-snub/7004421.article |date=2 February 2016}}
In April 2017, Findel appointed Phil Maudsley as group CEO.{{cite news |title=Findel Appoints CEO |url=http://www.stockmarketwire.com/article/5527742/Findel-appoints-CEO.html |publisher=StockMarket Wire |date=6 April 2017}}
In June 2019, Findel announced plans to rename itself as Studio Retail Group, and this change came into effect in July.{{cite web| url = http://www.morningstar.co.uk/uk/news/AN_1559726253625664000/findel-to-become-studio-retail-as-annual-profit-boosted-by-studio-arm.aspx| url-status = dead| archive-url = https://web.archive.org/web/20190608193602/http://www.morningstar.co.uk/uk/news/AN_1559726253625664000/findel-to-become-studio-retail-as-annual-profit-boosted-by-studio-arm.aspx| archive-date = 8 June 2019| title = Findel To Become Studio Retail As Annual Profit... {{!}} Morningstar}}
In April 2021 Studio sold the Findel Education businesses for £30 million.{{cite web |date=19 April 2021 |title=Findel Education sold to management in £30m cash deal {{!}} TheBusinessDesk.com |url=https://www.thebusinessdesk.com/northwest/news/2077528-findel-education-sold-in-30m-cash-deal |access-date=30 June 2021 |website=North West}}
In February 2022, Studio announced its intention to appoint administrators because options to secure additional borrowing had failed, leaving it insolvent.{{cite news |date=14 February 2022 |title=Accrington-based Studio Retail Group calls in administrators |work=BBC News |url=https://www.bbc.co.uk/news/uk-england-lancashire-60375639 |access-date=15 February 2022}} 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.{{cite web|last=Robinson|first=Jon|date=14 February 2022|title=Studio Retail Group set to call in administrators after £25m funding bid fails|url=https://www.business-live.co.uk/retail-consumer/studio-retail-group-calls-administrators-23087454|access-date=18 February 2022|website=Business Live}} The company was then purchased by Frasers Group for £26.8 million.{{cite news|url=https://www.bbc.com/news/uk-england-lancashire-60521945|title = Studio Retail Group bought out of administration for £26.8m|work = BBC News|date = 25 February 2022}}
Studio Pay
Studio Pay is a buy now, pay later service allowing customers to spread the cost of their purchase over varied payment terms. The service and credit is provided by Frasers Group Financial Services Limited a part of the Frasers Group.{{Cite web |title=Studio Pay Website |url=https://www.studio.co.uk/studio-pay |access-date=8 February 2024 |website=Studio}}
Studio Pay can be used with retailers such as Sports Direct, House of Fraser, USC, Flannels.
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.{{cite web|date=3 July 2020|title=Studio Retail Appoints Subsidiary Managing Director As CEO|url=https://www.morningstar.co.uk/uk/news/AN_1593780991404420300/in-brief-studio-retail-appoints-subsidiary-managing-director-as-ceo.aspx|access-date=7 July 2020|website=Morningstar|archive-date=7 July 2020|archive-url=https://web.archive.org/web/20200707073645/https://www.morningstar.co.uk/uk/news/AN_1593780991404420300/in-brief-studio-retail-appoints-subsidiary-managing-director-as-ceo.aspx|url-status=dead}}
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.{{cite web|date=3 July 2020|title=Studio Retail Group appoints new CEO|url=https://www.drapersonline.com/news/studio-retail-group-appoints-new-ceo|access-date=7 July 2020|website=Drapers}}
Kendrick stepped down from Studio in 2023 after the business was integrated into Frasers Group following its acquisition in 2022
Former operations
{{div col|colwidth=20em}}
- Findel Wholesale Limited
- Findel Europe B.V.
- Findel Sourcing (Shanghai) Limited
- Findel Asia Sourcing Limited
- Findel Education
- Express Gifts Philippines Inc
- Kitbag
- Kleeneze
- CWIO
- I Want One Of Those
- Confetti.co.uk
- NRS{{div col end}}