The parent company of apparel store Joules has issued a warning that the business is on the verge of failing, endangering 1,600 employment. Around 130 Joules stores can be found in the UK, including one at Nottingham’s Bridlesmith Gate. The company provides upscale wellies along with clothes and home goods that are inspired by the great outdoors.
The company had a worth of about £140 million, according to The Mirror, when Joules floated its shares on the London market in 2016. After failing to find additional capital funding, Joules Group, which also owns The Garden Trading Company, has now disclosed that it intended to file a notice of intention to appoint administrators.
Emergency talks between the company and investors, including its founder Tom Joule, had been attempted but failed. Additionally, Joules Group has asked that the company’s stock be halted this morning.
Earlier today, Joules Group issued a statement in which it stated: “On November 7, 2022, the firm revealed it was in early talks with a number of key investors to provide a cornerstone investment in an equity raise process.
In order to facilitate ongoing advancement with the re-financing plans mentioned above, the business also disclosed that it was in talks regarding a bridge financing proposal.
“The board certifies that these conversations with various parties have ended because they were unsuccessful.”
As soon as it was “reasonably practical,” Joules Group promised to submit a notice of intention to appoint Interpath Advisory as administrators. Outdoor products are sold by The Garden Trading Company, which Joules Group acquired last year, both online and through retailers.