2nd Nov 2020 20:35
Studio Retail Group PLC - Lancashire-based retail and education firm - Says sale of Findel to the Yorkshire Purchasing Organisation will not now proceed to completion. In December of last year, Studio had agreed to sell Findel to the Council of the City of Wakefield, through YPO, for GBP50 million. However, the parties now do not believe there is a "reasonable prospect" of the transaction being cleared after UK competition regulator's provisional findings. Studio will be assessing "all options" with a view to maximising value for its stakeholders.
"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," says Studio Chief Executive Phil Maudsley.
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By Lucy Heming;Â [email protected]
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