Fri, 18 Nov 2022 | ADMINISTRATION
Administrators from Interpath Advisory say they will explore a potential sale of lifestyle brand Joules after receiving “overwhelming” interest in the business, which fell into administration earlier this week. Interpath Advisory’s Will Wright, Ryan Grant and Chris Pole were appointed joint administrators of Joules Group and Joules Ltd on November 16.
Founded in 1989, Joules is headquartered in Market Harborough, Leicestershire and has a network of 132 stores across the UK. The business sells clothing and homewear products and employs over 1,600 staff across its UK stores.
The company, which listed on the AIM in 2016, has been hit by the fall in consumer confidence amid the soaring cost of living, which has significantly affected disposable income. The business fell into administration after failing to secure emergency investment. The firm had been in talks with Next over the retailer taking a stake in Joules, but discussions collapsed in September. Next ultimately acquired the brand, website and intellectual property of Made.com from administrators last week.
Despite the company falling into administration, administrators have said that they will continue to trade the business as a going concern over the festive period, while assessing options, including a potential sale, adding that no redundancies have been made. Interpath’s Will Wright and Ryan Grant have also been appointed joint administrators of Joules subsidiaries Joules Development Ltd and online retailer The Garden Trading Company Ltd.
Joint administrator Will Wright commented: "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."
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