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
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
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 25 September as shoppers flocked online
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