Studio Retail Group names new CEO
Mar. 30, 2021
British value retailer Studio Retail Group has appointed Paul Kendrick as its new CEO.
Kendrick joined the group in May 2016 as commercial and deputy managing director before being promoted to managing director in April 2017. In December 2019, he was appointed to the company’s board.
Studio credited Kendrick with having “played a key role in driving the business forward and growing its online value offer” during his time at the company.
Earlier in his career, Kendrick was marketing and multi-channel director at Bonmarché and held various roles at N Brown Group including leading marketing, financial services, international and group development functions.
Kendrick replaces Phil Maudsley who has retired from the company and stepped down as a director.
New CEO at Studio
In December 2020, Studio Retail Group launched a strategic review and formal sale process amid soaring half-year profits.
The company’s adjusted profit before tax jumped 52 percent to 17.7 million pounds for the 26 weeks to September 25 as shoppers flocked online during lockdowns.
Group revenue during that same period increased 17.2 percent to 268 million pounds, while the retailer reported a 15 percent increase in its active customer base to 2.1 million.
“These interim results are testament to the strengths of our digitally-focused value business and the ability of our colleagues and customers to adapt rapidly to change,” outgoing CEO Maudsley said in a statement at the time.
He continued: “Our strategy to grow the Studio customer base and increase our customers' spend with us, supported by our flexible credit offer has delivered a record trading performance which underpins our confidence in the group's medium-term growth prospects.”
In the middle of April, Studio will provide a post-close trading update for the financial year ended March 26 2021.
Photo credit: Studio Retail