Studio Retail Group bought out of administration for £26.8m

Accrington-based Studio Retail Group appointed administrators after it failed to secure a £25m loan

An online retailer has been bought out of administration, saving about 1,500 jobs.

Accrington-based Studio Retail Group, known as Findel until 2019, appointed administrators after it failed to secure an urgent £25m loan.

The business issued a second profit warning in two months in January after being affected by transport delays and increased shipping costs.

It has been bought by Mike Ashley's Frasers Group for £26.8m.

The Conservative MP for Hyndburn, Sara Britcliffe, said: "I know it will be a huge relief to all the staff and their families, as I know the last 10 days have been very difficult for all as they faced uncertainty.

"I am relieved that these jobs have been saved and now we need to ensure they stay in Hyndburn long-term and the company goes from strength to strength."

The company started as a catalogue gift retailer but expanded online to sell clothes, home and electrical products on flexible payment terms.

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