Studio Retail Group PLC (00549034): administration
- Status
- Administration ended
- Administration began
- 2022-02-24
- Administrators' firm
- Teneo
- Formerly
- Findel P.L.C.; Fine Art Developments P L C
- Incorporated
- 1955-05-11
- Location
- Birmingham
- Industry
- 70100 Activities of head offices
Why it went into administration
- Funding withdrawn / unable to refinance
- Supply chain disruption
- Cash flow / liquidity pressure
- Sustained trading losses
- Credit insurance / supplier credit withdrawn
From the administrators' statement
As previously outlined, SRG was the holding company of the Group with trading operations held in SRL.
SRL experienced considerable supply chain disruption during the six months to December 2021, which delayed the receipt of stock into the UK resulting in an inability to meet customer demand and the loss of sales throughout the Group’s peak, preChristmas, trading period.
Whilst stock was primarily sourced from Asia and committed on long lead times, SRL was unable to cancel late arriving stock which resulted in a sizable stock “overhang”.
Administrators' statement of proposals (2022-03-09) · Companies House register