Studio Retail Group PLC Notice of Intention to Appoint Administrators (5587B)

TIDMSTU

RNS Number : 5587B

Studio Retail Group PLC

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.

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