Joules responds to CVA rumours as turnaround plans making ‘good progress’
Following reports that it is exploring a company voluntary arrangement, British lifestyle retailer Joules has confirmed it is working with Interpath Advisory.
Under its new leadership team, led by Jonathon Brown and supported by Tom Joule in an executive capacity as Product Director, Joules has said it is making “good progress” in developing its turnaround plan.
In a statement, Joules Group has now said: “Joules confirms it is making good progress in developing its turnaround plan which focuses on driving higher profitability. The company continues to make good progress on its simplification agenda and cost management process. Interpath Advisory is assisting the board with an initial assessment of certain elements as part of the development of this turnaround plan.”
Joules, which employs more than 1,000 people and trades from about 130 stores, said earlier this month that it continued “to assess its ongoing financing requirements and is considering alternative options, including a possible equity raise, to allow the company to strengthen its balance sheet”.
