Mike Ashley’s Frasers Group has bought Studio Retail out of administration for £26.8m, saving almost 1,500 jobs after its shareholding in the online specialist was wiped out.
Ashley’s publicly listed empire, which includes Sports Direct, House of Fraser department stores, Evans Cycles and the Flannels designer fashion chain, said the acquisition would provide the group with the “expertise and synergies” that would help its ambition to provide more flexible payment options.
