Trademarks protect against consumer confusion. Ask yourself if a consumer seeing that image with the "studio" portion removed might think that the altered image represents the same company as the original image. Of course, the answer will be "yes."
But in the end it also depends on how the trademark is used. You've used the original image in the question; have you violated the trademark? No. Do you violate Tesco's trademark when you say "I went shopping at Tesco"? No. Do you violate their trademark when you sell food using the name "Tesco"? Yes.
A distinctive graphic design such as this will also be protected by copyright, so you will also have to consider whether your intended use infringes copyright.