Studio Retail CEO Paul Kendrick steps down after company reshuffle

By Amanda Pauley | 7-Feb-2023

The e-commerce giant, which stocks health and beauty goods, has promoted company insider David Twigg to MD

Studio Retail CEO Paul Kendrick has resigned almost a year after the company was acquired by Frasers Group in a rescue deal.

The news of the reshuffle came via Companies House filings submitted on 1 February. 

Financial Services Director David Twigg has been promoted to MD. 

It has not been confirmed whether a replacement CEO will be sought for the affordable online retailer.

Kendrick joined the company in May 2016 as Commercial Director and Deputy Managing Director.

He was promoted to MD in April 2017 and served as CEO designate from July 2020, before stepping into the role permanently in March 2021. 

Studio Retail was sold to Frasers Group by administrators Teneo for just £1 in February 2022, despite owing £80 million to suppliers and creditors.

The nominal fee was due to the retail giant taking on £53.1m of secured liabilities at Studio Retail.

Frasers Group then acquired the secured lenders' claims against the business for £26.8m.

The deal saved around 1,500 Studio Retail jobs.

Frasers Group is a British retail, sport and intellectual property group, named after its ownership of UK department store chain House of Fraser.

Studio Retail sources and supplies specialist products manufactured by third parties.

These range from health and beauty, to leisurewear, electrical and household. 

The company was previously named Findel.

Read more:

You may also like