Joules to enter administration

UK clothing retailer Joules has said that it plans to appoint administrators after failing to find a new investor.

The company revealed worse than expected sales last week as a result of the "challenging UK economic environment which has negatively impacted consumer confidence and disposable income."

The company, which largely sells outerwear and wellington boots, also said that the unseasonably warm weather had hurt sales.

Joules operates 132 shops and hires around 1,600 staff. It had been in talks to sell a stake to Next – which last week acquired the Made.com brand after the homeware retailer itself fell into administration – but talks ended in September.

In a statement, the company said: “On 7 November 2022, the company announced it was in advanced discussions with a number of strategic investors to provide a cornerstone investment in an equity raise process. The company also announced it was in discussions regarding a bridge financing proposal in order to enable continued progress to be made with the re-financing plans referred to above.

"The board confirms these discussions with various parties have not been successful and have now terminated."

The company now faces a deadline to make a loan repayment of £5 million by the end of November. It is to appoint Will Wright, Ryan Grant and Chris Mole of Interpath Advisory as administrators “as soon as reasonably practicable”.

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