Joules set to appoint administrators
The parent company of Joules and Garden Trading Company is set to fall into administration after failing to secure a new cash injection.
Last week, Joules Group revealed that trading had been softer in recent weeks as it announced that it was in talks with a number of investors, including its founder Tom Joules, regarding additional financing.
However, today the company said: “On 7 November 2022, the company announced it was in advanced discussions with a number of strategic investors to provide a cornerstone investment in an equity raise process.
“The company also announced it was in discussions regarding a bridge financing proposal in order to enable continued progress to be made with the re-financing plans referred to above.
“The board confirms these discussions with various parties have not been successful and have now terminated.”
Joules Group has now resolved to file a notice to appoint Interpath Advisory as administrators to the company “as soon as reasonably practicable” and has requested a suspension of trading in the company’s shares.
The news has put some 1,600 jobs at risk.
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