The Foschini Group (TFG), which owns British High Street brands including Hobbs and Phase Eight, is reportedly mulling a bid to take control of failed retailer Joules.

Multiple sources told Sky News that the South African retail group’s UK arm, TFG London, is exploring whether it could take control of Joules from insolvency practitioner Interpath Advisory.

Joules, which has 130 stores and employs 1,000 staff across the UK, said its sales have plunged by 90 per cent since the start of the year.

The company announced it was bringing in the administrators having failed to come to a buyout arrangement after talks with a number of suitors, including Next.

The company revealed worse than expected sales, attributing this to unseasonably warm weather and the "challenging UK economic environment which has negatively impacted consumer confidence and disposable income”.

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