71
Fashion Jobs
L'OREAL GROUP
Multi-Brand Education Manager
Permanent · JOHANNESBURG
L'OREAL GROUP
E-Commerce Manager
Permanent · JOHANNESBURG
BEIERSDORF
Brand Manager
Permanent · DURBAN
G-STAR
Key Account Manager
Permanent · CAPE TOWN
ESTÉE LAUDER COMPANIES
Marketing & Sales Operations Manager (Sub Saharan Africa)
Permanent · JOHANNESBURG
ESTÉE LAUDER COMPANIES
Marketing & Sales Operations Manager (Sub Saharan Africa)
Permanent · JOHANNESBURG
PUMA
Payroll Administrator
Permanent · CAPE TOWN
ADIDAS
Senior Manager Sales: Shoe Channel - em South
Permanent · CAPE TOWN
ADIDAS
Senior HR Business Partner (6-Months Maternity Cover)
Permanent · CAPE TOWN
L'OREAL GROUP
Product Manager
Permanent · JOHANNESBURG
TREK
Country Manager
Permanent · SANDTON
L'OREAL GROUP
E-Commerce Key Account Manager
Permanent · JOHANNESBURG
ADIDAS
ic pp Data & Analytics Specialist - em
Permanent · CAPE TOWN
BEIERSDORF
Precision Marketing & Audience Specialist
Permanent · DURBAN
CLINIQUE
Clinique - Roamer - Edgars Eastgate, Gauteng - 40 Hours - Full-Time - Permanent
Permanent · JOHANNESBURG
PANDORA
Sales Assistant Ppt 96 Hours Balito
Permanent · DURBAN
L'OREAL GROUP
Data Analyst
Permanent · JOHANNESBURG
HTNK
High-End Fashion/Denim Designer
Permanent · JOHANNESBURG
H&M
Talent Acquisition Specialist
Permanent · CAPE TOWN
ADIDAS
Specialist Franchise Excellence - Ems Africa Export
Permanent · CAPE TOWN
LOVISA
Full Time Team Member | v&a Waterfront, Cape Town
Permanent · CAPE TOWN
LOVISA
Store Manager | v&a Waterfront, Cape Town
Permanent · CAPE TOWN
Published
Oct 7, 2022
Download
Download the article
Print
Text size

Regulator launches Studio Retail audit probe

Published
Oct 7, 2022

Financial statements for the 2020/21 year from Studio Retail are being investigated by industry watchdog the Financial Reporting Council (FRC).


Studio Retail

 
The audit of the group’s finances was conducted by global accountancy firm Mazars and the FRC action refers to statements for the “period ending 26 March 2021” well before Frasers Group made its successful bid for the online retailer.

The FRC also said the investigation "does not relate to any persons other than the relevant Statutory Auditor(s) and it would not be fair to treat any part of this announcement as constituting or evidencing an investigation into any other persons or entities".

The business, which was bought out of administration by Frasers Group in February 2022, had failed owing more than £80 million. Frasers bought the firm for just £1 as well as the release of £53.1 million of secured liabilities under its revolving credit facility and ancillary facilities. It then acquired Studio Retail Group's secured lenders' claims against it for around £26.8 million.

Mazars said “it can confirm that the FRC has commenced an investigation in relation to the audit of Studio Retail Group plc for the period to 26 March 2021. Mazars is cooperating fully with the regulator and, respecting client confidentiality and due process, will provide no further comment during the course of the investigation.”

Frasers, which originally had a 30% stake in Studio Retail and stepped in to buy the business to secure its interest, has yet to comment on the FRC involvement. 

Copyright © 2024 FashionNetwork.com All rights reserved.