Joules was almost £114m in the red when it entered administration
Lifestyle fashion retailer Joules was nearly £114 million in the red when it entered administration in November.
According to a report by Business Insider, Joules owed money to trade creditors, HMRC and people holding Joules gift cards.
A “statement of affairs” published at Companies House shows that trade creditors were owed £37.7 million. Joules also owed HMRC £3.86 million and gift card holders £1.3 million.
Trade creditors included various property companies and landlords, as well as a software company and a branch of Deloitte in Hong Kong that were owed £345,000 and £300,000 respectively.
Joules collapsed into administration in November after failing to secure a new cash injection and being impacted by softer autumn trading.
It was subsequently acquired by Next and Joules founder Tom Joule for £34 million in a move that kept around 100 stores open. Next owns 74% of the business whilst Joule holds the remaining 26%.
