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Evening Standard

Business

Mark Banham

Regulator starts Frasers-owned Studio Retail Group audit enquiry

Frasers Studio Retail Group Mike Ashley FRC Mazars Mike Ashley Frasers Group

Mike Ashley’s Frasers Group took charge of Studio Retail Group this year (Nick Ansell/PA)
(Picture: PA Archive)

Industry watchdog the Financial Reporting Council (FRC) has launched an investigation into the financial statements of Studio Retail Group the business bought for £26.8 million by retail titan Mike Ashley’s Frasers Group in February this year.

The audit of the group’s finances was conducted by global accountancy firm Mazars LLP and the action refers to statements for the “period ending 26 March” just a month after Frasers made its successful bid for the retailer.

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