Jules B eyes CVA following ransomware attack
The impact of a CVA on stores, whether that will be closures or a switch to turnover-based rent, has not yet been decided
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Independent luxury retailer Jules B is reportedly considering a company voluntary arrangement (CVA), following a £79,200 ransomware attack in September, According to Drapers.
The proposal to implement a CVA comes after the MD and co-founder of Jules B, Julian Blades, is said to have appointed KSA Group to help it through the business through its current financial difficulty.
Drapers understands that the retailer wants to focus more on its website, which accounts for 70% of its annual turnover.
KSA proposed that the retailer implement a CVA, which Jules B is reportedly now considering. However, the impact of a CVA on stores, whether that will be closures or a switch to turnover-based rent, has not yet been decided.
On behalf of the retailer, KSA will engage with suppliers, landlords and employees to establish new terms and conditions.
Blades is reportedly hoping for a turnover rent solution, as he believes it will be the most “equitable” outcome.
Blades told Drapers: “We have five stores, two in Kendal, two in Jesmond and one in Harrogate. We are still in negotiations with landlords and until these are agreed we have not yet made any decisions on which ones, if any, we will be closing.”
Jules B currently employs 55 people and has a central head office, warehouse and additional storage space in Newcastle.