Over 100 jobs to be created as Studio Retail splits off from financial services division

Studio Retail has revealed plans to split off from its financial services division in a bid to return to growth.

The Lancashire-headquartered company will separate its retail business from the division, which is to be renamed Frasers Group Financial Services Limited (FGFSL).

The move comes after Studio Retail was rescued out of administration by Mike Ashley's Frasers Group in February 2022.

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Frasers Group, the owner of brands such as Sports Direct and House of Fraser, bought the company in a £26.8m deal. The business owed over £80m to its creditors when it collapsed.

Newly-filed accounts recently revealed that Studio Retail lost more than £75m in the year before it was rescued.

Studio Retail's office in Clayton-le-Moors, Lancashire (Studio Retail)

FGFSL will provide financial services across the wider Frasers Group as well as Studio Retail. The team will continue to be based in Clayton-le-Moors.

Studio Retail said: "Although now distinctly separate businesses, the relationship between SRTL and FGFSL will continue and they remain inter-related to deliver the best outcomes for customers, and economies of scale.

"Given the expansion plans for FGFS, there is a plan to recruit in excess of 100 roles, to fulfil the extra demand created."

David Twigg, managing director of Frasers Group Financial Services, said: "This is more good news, and shows real investment from the Frasers Group in the long term future of our financial services business.

"The separation of the two businesses is a new strategic direction for us, and allows both businesses to be developed in different ways.

"We have vacancies available now, and a big expansion plan, so it's an exciting time for us to put plans in place and look to the future."

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