Fashion retailer Joules announced that it plans to appoint administrators after failing to agree on a financing deal to shore up the business as efforts made to raise cash have not been successful.
The parent firm of fashion retailer Joules has warned the company is nearing a collapse which would put 1,600 jobs at risk. Joules, which has around 130 UK shops, including one in Nottingham’s Bridlesmith Gate, sells clothing and homeware products inspired by the countryside and is most famous for its posh wellies.
The Mirror reported, the company had been valued at around £140million when Joules listed its shares on the London market in 2016. Joules Group, which also owns The Garden Trading Company, has now revealed it was to file a notice of intention to appoint administrators after failing to secure new cash funding.
The brand had held emergency talks with investors, including its founder Tom Joule, which were unsuccessful. Joules Group has also requested that shares in the company are suspended this morning.
In a statement released today, Joules Group said: “On 7 November 2022, the company announced it was in advanced discussions with a number of strategic investors to provide a cornerstone investment in an equity raise process.
“The company also announced it was in discussions regarding a bridge financing proposal in order to enable continued progress to be made with the re-financing plans referred to above.