Lifestyle retailer Joules has been placed into administration after failing to secure additional investment following a break down in talks with potential investors.
Will Wright, Ryan Grant and Chris Pole from Interpath Advisory were appointed joint administrators of Joules Group plc and Joules Limited on 16 November 2022.
At the same time, Will Wright and Ryan Grant were appointed joint administrators of Joules Developments Limited and The Garden Trading Company Limited.
Joules, which has a partnership with sofa retailer DFS on an exclusive range as a licensing partner, is one of the UK’s best-known retail brands, renowned for its premium, colourful clothing and homeware products, inspired by country living. Headquartered in Market Harborough, Leicestershire, the Group currently operates a total of 132 stores across the UK, employing over 1,600 people.
The joint administrators will continue to trade the Group as a going concern while they assess options for the business, including exploring the possibility of a sale as a going concern.
All stores, including the Group’s online store, will remain open.
Will Wright, head of Restructuring at Interpath Advisory and joint administrator, said: “Joules is one of the most recognisable names on the high street, with a unique brand identity and loyal customer base.
“Over the coming weeks, we will endeavour to continue to operate all stores as a going concern during this vitally important Christmas trading period while we assess options for the Group, including a possible sale.
“Since the Group’s announcement on Monday, we have had an overwhelming amount of interest from interested parties. We will be working hard over the days ahead to assess this interest, but at this stage we are optimistic that we will be able to secure a future for this great British brand.”