Studio Retail Group, which counts Mike Ashley’s Frasers Group as its biggest investor, is to hire administrators after failing to secure an urgent £25 million loan.
The online retail business, which was known as Findel until 2019, has now had its shares suspended on the London Stock Exchange as a result.
Last month, the Accrington-based company saw its shares plunge when it issued its second profit warning in two months after being hammered by transport delays and soaring shipping costs.
