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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… View Article

FASHION

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%.

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