REG - Frasers Group PLC - Acquisition of Studio Retail

FrasersAnnouncement

25/02/2022 07:00

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RNS Number : 7632C  Frasers Group PLC  25 February 2022

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMTION

25 February 2022

FRASERS GROUP PLC

("Frasers Group" or the "Company")

Acquisition of Studio Retail

Frasers Group announces that it has acquired digital retailer, Studio Retail
Limited (SRL) and certain other assets of Studio Retail Group plc (in
administration) (SRG) (the Transaction) 1  (#_ftn1) . The consideration for
the Transaction comprised cash and the release of SRG from its liabilities to
the lending banks under its revolving credit facilities resulting in a cash
payment by Frasers Group to the lenders in the amount of £26.8 million. The
Company also agreed to act as guarantor in respect of certain payments in
respect of the SRG group pension scheme to the satisfaction of the Trustees.

As Frasers Group seeks to elevate its customer journey including a flexible
repayment proposition, the acquisition of SRL will provide Frasers Group with
expertise and synergies that will accelerate this ambition. Frasers Group is
also pleased to have rescued another business out of administration and saved
approximately 1,500 jobs

The person responsible for arranging the release of this announcement on
behalf of Frasers Group is Tom Piper, Company Secretary.

Ends.

 Frasers Group plc

 Tom Piper, Company Secretary   T. 0344 245 9200

 LEI: 213800JEGHHEAXIJDX34      E. investor.relations@frasers.group

 

 1  (#_ftnref1) The Transaction constitutes a class 2 transaction under the UK
Listing Rules. For the year ended 26 March 2021 (the last date to which
statutory accounts are available and prior to the appointment of the
administrators to SRG), SRG had gross assets of £515,814 million and profits
of £42,727 million.

 

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