Joules’ auditor under investigation
By Sarah Wood | 11th May 2023
Fashion retailer, Joules', auditor, Deloitte, is under investigation by the Financial Reporting Council (FRC) following the retailer's collapse.
The UK accounting watchdog is looking into Joules' audited 2021 financial reports, which were signed off by Deloitte, as reported by Retail Gazette.
The leading accountancy firm said it would "co-operate fully" with the FRC's investigations and remained "committed to the highest standards of audit quality".
Joules, which has stores in Gloucester and Cirencester, called in administrators Interpath Advisory at the end of last year, after it failed to secure emergency cash from investors.
The retailer was rescued by Next and founder Tom Joule in a £34m deal in December. The deal saved 100 stores and almost 1,500 jobs, but the Cheltenham store closed permanently.
Next plans to relaunch the Joules brand in October. It recently confirmed it is consulting with Joules staff over several roles which could be absorbed into its existing teams or are no longer needed.
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