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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… View Article

FASHION RETAIL NEWS UK

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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