Friday 29 March 2024
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Joules to appoint administrators putting 1,600 jobs at risk

Fashion and homeware group Joules announces plans to appoint administrators in a move that could put about 1,600 jobs at risk.

The business which is based in Leicestershire has 132 shops, said it was making the move after talks with potential investors failed to secure extra funds.

It opened a store on Bridlesmith Gate in Nottingham in July 2017.

Joules said last week that sales had recently been weaker than expected.

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It is the latest high street retailer to have problems as consumers cut spending in the face of the cost of living crisis.

Joules was founded by Tom Joule, and started out selling clothes at country shows in 1989.

Joules said last week that the company was in “advanced discussions” with a number of strategic investors, including its founder Tom Joule, but on Monday it said these had failed.

The company said it had resolved to file a notice of intention to appoint administrators “as soon as reasonably practicable”.

“The board is taking this action to protect the interests of its creditors,” it added.

Joules Group also said it was suspending trading in its shares.

The company listed its shares on London’s junior stock exchange market, Aim, in 2016, and at the time was valued at £140m.

However, over the past year its share price has fallen by more than 95% and on Friday the shares stood at about 9p, valuing the company at a little over £10m.

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