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Studio Retail‘s financial statements under investigation

Sophie Smith
10 October 2022

Accountants Mazars LLP is under investigation by industry watchdog, the Financial Reporting Council (FRC). The company previously conducted work on behalf of Studio Retail Group.

The FRC said that it has commenced an investigation in relation to the audit conducted by Mazars LLP of the financial statements of Studio Retail Group for the period ended 26 March 2021.

The decision was made at a meeting of the FRC’s Conduct Committee on 13 September 2022 and investigations will be conducted by the FRC’s enforcement division under the audit enforcement procedure.

Studio Retail Group went into administration in February 2022, due to supply chain delays and soaring shipping costs. Soon after, the company was acquired by Mike Ashley's Frasers Group for £26.8 million.

Frasers Group, which owns Sports Direct and Jack Wills, has also recently rescued businesses including fast fashion brands Missguided and I Saw It First.

The news comes as Ashley prepares to step down from Frasers at its annual meeting this month, leaving his son-in-law Michael Murray in charge.

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