Company Announcements

2 November 2020                                                                                                                                      

Studio Retail Group plc

Proposed Disposal of Findel Education

Further to the announcement on 16 October 2020 by the CMA of its Provisional Findings into the potential sale of Findel Education to YPO, the parties do not believe that there is a reasonable prospect of the transaction being cleared despite the dynamism and highly competitive nature of the market, and the benefits arising from the proposed transaction for schools and nurseries.  The transaction will not now proceed to completion.  In light of this, the Board will be assessing all options with a view to maximising value for its stakeholders and will provide an update on next steps at the interim results on the 8^th December.

Phil Maudsley, Group CEO commented:

"Whilst we are naturally extremely disappointed with the CMA's interpretation of this highly competitive market, Findel Education continues to have a sound digital-first strategy to deliver profitable growth over the medium term.  I would like to thank the teams at Findel Education and YPO for their hard work over the last year."

Enquiries

Studio Retail Group plc

Phil Maudsley, Group CEO

Paul Kendrick MD Studio Retail Ltd and CEO Designate

Stuart Caldwell, Group CFO

0161 303 3465

Tulchan Communications                                

Will Smith

020 7353 4200