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

Future Retirement Success

Business

Joules on brink of collapse as it enters administration with 1600 jobs in the balance

by November 14, 2022
November 14, 2022
Joules on brink of collapse as it enters administration with 1600 jobs in the balance

The fashion retailer Joules is to appoint administrators after talks with investors about rescue financing failed, leaving its 1,600 staff at risk of losing their jobs.

The company said last week it was in negotiations with strategic investors about an emergency equity raise but said that it needed bridge finance to avoid defaulting on a bank loan at the end of this month.

Joules said today: “Discussions with various parties have not been successful and have now terminated.”

It has filed a notice of intention to appoint Interpath Advisory as administrators to the company and its subsidiaries, Joules Limited, the Garden Trading Company Limited and Joules Developments Limited.

The Aim-listed company has also asked the London Stock Exchange to suspend trading in its shares, which closed at 9¼p on Friday. They were trading at more than 300p in June last year.

Last week, the online furniture seller Made.com also appointed administrators, resulting in 400 job losses. The number of company insolvencies in England and Wales hit its highest level in the April-June period in nearly 13 years as surging energy prices took their toll on business, data showed last month.

Those approached about the bridging loan to pay a £5 million loan facility due on November 30 included Tom Joules, the company’s founder. The retailer needed the loan to buy time to push ahead with the fundraising as well as a possible company voluntary arrangement, an insolvency procedure, to help cut its rent bill.

Joules, 54, launched the fashion retailer in 1989 by selling clothes at a country show in Leicestershire. The chain is known for its colourful, country-inspired clothing. It has about 130 shops.

The company has been struggling since it issued a profit warning in August after the heatwave hit sales of wellies and other wet-weather gear. It said its financial performance for the year would be “significantly below current market expectations”. At the same time it was, like other clothing retailers, suffering from inflation and as shoppers became more cautious about spending.

Shortly after the warning, Joules said it was talking to Next, the FTSE 100 fashion retailer, about a £15 million equity investment. No deal was reached and last week Next acquired Made.com’s brand out of administration.

Read more:
Joules on brink of collapse as it enters administration with 1600 jobs in the balance

0
FacebookTwitterGoogle +Pinterest
previous post
UK SMEs fear ‘cliff-edge’ energy bills in April, warns British Chamber of Commerce
next post
The Twitter Exodus: are we coming or going?

You may also like

Persil advert banned for misleading green claims

August 31, 2022

Business leaders warn immigration reforms could undermine growth...

May 13, 2025

Record 299,000 tax returns filed in first week...

May 7, 2025

Private school closures expected as VAT charge implemented...

July 31, 2024

Some taxes will rise in 30 October Budget,...

July 31, 2024

UK investigates using frozen Russian assets to fund...

October 16, 2023

Bingo Reimagined: How Online Platforms are Innovating the...

May 24, 2023

Turning The Energy Crisis Into An Opportunity For...

September 1, 2023

US tariffs threaten British consumers’ pockets, warn Bank...

March 5, 2025

Payment Superpower Under Your Brand: The Future of...

May 1, 2025

    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

    • Trump ally stands firm against ‘big, beautiful bill’ despite pressure: ‘It’ll completely backfire’

      June 8, 2025
    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025
    • Obama WH physician says Biden doc should have performed cognitive test

      June 8, 2025
    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,571)
    • Stocks (3,136)
    • 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