Administrators have formally taken over management of the Joules fashion business, two days after it was announced the group could no longer stay on top of its finances.
The country casuals brand – launched by Tom Joule in Market Harborough in 1989 – had spent months trying to attract investment after seeing sales and profits falling and costs rising.
On Monday it confirmed that discussions with potential investors, including Mr Joule, had fallen through.
Will Wright, Ryan Grant and Chris Pole from Interpath Advisory were formally appointed as joint-administrators today (November 16). Will Wright and Ryan Grant have also become joint administrators of a connected building company called Joules Developments Limited, as well as furniture and accessories off-shoot The Garden Trading Company, which was bought by Joules in early 2021.
Joules, which is based in Market Harborough, Leicestershire, will continue to trade through the administration process, but question marks now hang over the future of its 1,600 staff and 132 stores. It has been suggested that high street giants such as Next or Frasers might bid for the group.
In a statement Interpath Advisory said: “The joint administrators will continue to trade the group as a going concern while they assess options for the business, including exploring the possibility of a sale as a going concern.
“All stores, including the group’s online store, will remain open.
Will Wright, head of restructuring at Interpath and joint administrator, said: “Joules is one of the most recognisable names on the high street, with a unique brand identity and loyal customer base.
“Over the coming weeks, we will endeavour to continue to operate all stores as a going concern during this vitally important Christmas trading period while we assess options for the Group, including a possible sale.
“Since the group’s announcement on Monday, we have had an overwhelming amount of interest from interested parties.
“We will be working hard over the days ahead to assess this interest, but at this stage we are optimistic that we will be able to secure a future for this great British brand.”
In a statement to the Stock Exchange, Joules said: “The board currently expects that, in due course, the listing of the company's ordinary shares will be cancelled, any residual value will be distributed to the company's shareholders and the company will be wound up.”
