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.
Subscribe to TRBA “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%.
