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Chronicle Live
National
Catherine Furze

Mike Ashley's Frasers Group paid just £1 for Studio, records show

Mike Ashley Studio Frasers Group Companies House Teneo Studio Retail Group

Ex-Newcastle United owner Mike Ashley bought his latest acquisition, Studio Retail Group, for just £1, it has been revealed.

The online giant went into administration with an £80 million black hole last month, after failing to secure a £25 million loan. And documents submitted to Companies House by administrators Teneo show how it fell into financial trouble in the months before entering administration on February 15.

Around 1,500 jobs were saved when the website was acquired by Ashley 's Frasers Group - whose brands include House of Fraser, Sports Direct and Jack Wills. Frasers Group already owned a third of Studio when he bought it for £1, as well as taking on £53.1 million of secured liabilities and acquiring Studio Retail Group's secured lenders' claims against it for £26.8million.

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