Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Joules hopes insolvency deal with creditors and landlords will stave off collapse

by October 11, 2022
October 11, 2022
Joules hopes insolvency deal with creditors and landlords will stave off collapse

Joules, which has 130 stores, said an insolvency deal with creditors and landlords could be a way to head off a collapse that has led to its shares falling sharply

A multimillionaire car dealer who has just become the second largest shareholder in Joules says he has not ruled out taking part in a rescue of the beleaguered fashion retailer.

Richard Teatum, a former car mechanic who runs Stoneacre Motor Group, said he hoped to meet Tom Joule, the founder of Joules and its biggest shareholder, “pretty soon”.

It was disclosed in a regulatory filing late on Thursday that Teatum had built an 8.9 per cent stake in the retailer, known for its colourful clothes and pink Wellington boots.

He said yesterday: “I might buy some more [shares], I might sell some. I don’t mean to be vague: it’s just I’m keeping my options open.”

Teatum has spent about £1 million on the investment.

“I think the shares are very good value, otherwise I wouldn’t have bought them,” he said. “I think the company can be turned around; not easily, but it can be.”

Teatum said there was no date in the diary for meeting Joule “as I’ve got a busy schedule. But I’ve been in touch.”

Teatum, 65, whose Doncaster-based group was founded in 1994 and has about 100 dealerships, said he liked to “dip” into the stock market, but this was his first investment in a clothing retailer.

Joules said yesterday that an insolvency deal with creditors and landlords could be a way to head off a collapse. The 130-store retailer said that it was considering a company voluntary arrangement (CVA) as a possible route out of its crisis. This would pave the way for shop closures and job cuts among the 1,000-plus staff.

The statement said Joules was still looking at raising equity from investors but added: “The company also continues to consider a range of other potential options which may be available to it, where a CVA is one of a number of such alternatives.”

Joules declined to comment on Teatum’s stake-building.

Tom Joule, who owns 21.7 per cent of the company, floated the business on the junior Aim market in 2016 at 195p a share. The shares traded as high as 300p in summer last year but have collapsed in the wake of weak trading. Joules blamed the summer heatwave for a sharp fall in sales of wellies and wet-weather gear. The shares closed unchanged at 9p.

Joules had been in advanced talks with Next about a £15 million equity investment, but they fell through last month.

Read more:
Joules hopes insolvency deal with creditors and landlords will stave off collapse

0
FacebookTwitterGoogle +Pinterest
previous post
City regulators crack down on bankers using private messaging apps
next post
Festival of Brexit investigated by National Audit Office for ‘wasting £120m of taxpayer money’

You may also like

How to Remove Text from Images: Unveil AI...

May 20, 2025

What Traditional Fashion Brands Can Learn from Direct-to-Consumer...

July 31, 2025

Top 3 UK Airports Parking Advantages You Need...

March 14, 2025

Barclays CEO set for potential 45% pay hike...

January 24, 2025

Natwest upgrades AI chatbot to provide ‘human interaction’...

November 6, 2023

Businesses lack confidence in HMRC’s competence

July 21, 2023

Rail unions hope to find solution to pay...

October 6, 2022

Bitcoin climbs above $109,000 on hopes of pro-crypto...

January 20, 2025

How AI Is Reinventing Customer Personalisation for Small...

April 22, 2025

From a Gummy Smile to a Million-Dollar Smile

November 21, 2022

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • RFK Jr cancels $500 million in mRNA research, HHS to prioritize ‘safer’ vaccine alternatives

      August 5, 2025
    • Senate GOP ready to go nuclear after Schumer’s ‘political extortion’ of nominees

      August 5, 2025
    • Cotton calls on IRS to pull Muslim advocacy group’s nonprofit status

      August 5, 2025
    • One in Five ICE Arrests Are Latinos on the Streets with No Criminal Past or Removal Order

      August 5, 2025
    • Gargantuan ‘bird cemeteries’ in Burgum’s crosshairs as DOI looks to curb green wind projects

      August 5, 2025
    • Key aide in IRS’ Tea Party targeting controversy put on leave after allegations of new anti-GOP effort

      August 5, 2025

    Categories

    • Business (8,677)
    • Investing (2,174)
    • Politics (16,313)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved