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Gloucestershire Business News

Joules set to go into administration

Joules is set to appoint administrators, after it failed to secure a much-needed cash injection.

The countryside and seaside fashion retailer, which has stores in Cheltenham, Gloucester and Cirencester, said talks over an emergency cash-call with investors, including its founder Tom Joule, were unsuccessful, as reported by Retail Gazette.

Joules said today (November 14) that it will file a notice of intention to appoint Interpath Advisory Limited as administrators to the company, "as soon as reasonably practicable".

The move puts 1,600 jobs under threat.

Joules said it will suspend trading of its shares on the stock market due to the decision.

At the end of October, Joules' net debt stood at £25.7m, up from £21m at the end of July. The retailer has 130 shops.

Joules was founded by Tom Joule in 1989, as a market fair stand.

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