On Wednesday 31 May Studio announced that it will officially separate its Retail and Financial Services business, with an expansion plan in place to help unlock the potential of both businesses.
The group’s Financial Services business will be known as Frasers Group Financial Services Limited (FGFSL) and is regulated by the Financial Conduct Authority (FCA). As the name suggests, through its formation FGFSL takes on a broader role by providing financial services across the wider Frasers Group as well as Studio, unlocking great potential for growth. The team will continue to be housed in Clayton le Moors.
Studio Retail Trading Limited (SRTL) is the new legal entity for the Studio Retail business. With the economies of scale and backing of Frasers Group, it will continue to focus on providing customers with amazing value, great quality products and dedicated customer service. This also unlocks growth potential throughout the retail sector, as the Frasers Group help to support and develop the business.
Although now distinctly separate businesses, the relationship between SRTL and FGFSL will continue and they remain inter-related to deliver the best outcomes for customers, and economies of scale. Given the expansion plans for FGFS, there is a plan to recruit in excess of 100 roles, to fulfil the extra demand created.
This is great news for Hyndburn and the local economy, providing specialised jobs and supporting the large workforce already in place at the Clayton site.
David Twigg, Managing Director of Frasers Group Financial Services commented, “This is more good news, and shows real investment from the Frasers Group in the long term future of our financial services business. The separation of the two businesses is a new strategic direction for us, and allows both businesses to be developed in different ways.
We have vacancies available now, and a big expansion plan, so it’s an exciting time for us to put plans in place and look to the future.”
Studio Retail provides a personal shopping service to around 1.8 million customers each year through a combination of direct marketing and online via the studio.co.uk and ace.co.uk websites.