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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.

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

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