Struggling retailer Joules has called in financial advisors to help with a cash flow crisis.

The brand, which has stores in Gloucester, Cheltenham, Cirencester and Monmouth, has asked accounting consultancy KPMG to help it find a lifeline.

The high street chain, known for its Breton tops and wellies, found its cash reserves drying up as the cost-of-living crisis hit the high street.

The company confirmed the appointment of KPMG this morning after The Sunday Times reported it was seeking a cash lifeline.

In a statement Joules said it had net debt of £21.4m in the financial year ending 30 May, giving £11.3m headroom within its banking facilities, in line with the board's expectations.

It said: "The group continues to focus on improving profitability, cash generation and liquidity headroom.

"Whilst the group continues to manage its cash resources carefully over its seasonal borrowing peak, it expects to have sufficient liquidity to manage its working capital requirements over this time."

It said it would continue with its plan to simplifying the business and improve long-term profitability by making significant changes to its wholesale operations. It wants to focus on fewer, profitable wholesale accounts and simplifying the product process to reduce costs and shorten lead times."

The retailer announced at the beginning of May that chief executive Nick Jones would be leaving the business after reporting declining profits in the first half of the year.