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Joules has officially appointed administrators and is set to be wound up after talks with potential investors collapsed, with up to 1,600 jobs at risk.
Will Wright, Ryan Grant and Chris Pole from Interpath Advisory have been appointed joint administrators of Joules Group plc and Joules Limited. At the same time, Wright and Grant were appointed joint administrators of Joules Developments Limited and The Garden Trading Company Limited.
Earlier this month, the company announced it was in advanced discussions with a number of strategic investors regarding financing options for the group.
It spoke with a number of strategic investors, including Tom Joule, to provide a cornerstone investment in an equity raise, and said it would consult with key stakeholders, including suppliers, on its options.
However, earlier this week its board confirmed “these discussions with various parties have not been successful and have now terminated”.
After confirming the appointment of administrators, the retailer said: “The company’s shares were suspended from trading on the AIM on 7 November 2022. 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.”
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.
In the meantime, all stores, including the group’s online store, will remain open.
Will Wright, head of Restructuring at Interpath Advisory 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.”
He added: “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.”
