FRASERS Group, which owns shops including House of Fraser and Evans Cycles, has acquired online and mail order shopping company Studio Retail Group for £26.8m, following the firm's collapse earlier this month.

Frasers Group - the firm initially set up as Sports Direct International by British retail billionaire Mike Ashley - has acquired Studio after a failed funding bid saw it collapse into administration on 14 February.

The takeover, which will see Studio continue to trade under its own name while working under Frasers' ownership, saved nearly 1,500 job losses.

Joint administrator Daniel Smith said: "This transaction preserves the Studio brand and the jobs of its employees, providing them with stability and a platform for growth in what continues to be a challenging retail environment."

(c) 2022 City A.M., source Newspaper