Trend agency Joules falls into administration placing 1,600 jobs in danger

Trend agency Joules has formally fallen into administration, placing the way forward for the retailer’s 132 outlets and 1,600 jobs in danger.

The corporate stated on Monday that it had filed a discover to nominate directors after failing to safe emergency funding.

It has now employed directors from Interpath Advisory, who stated outlets would keep open whereas they “assess choices for the enterprise”.

Interpath added that it had witnessed “overwhelming” curiosity from potential suitors to snap up the model and its belongings because it revealed plans to enter insolvency.

The agency made the transfer after emergency talks final week with buyers, together with its founder Tom Joule, failed to lift the required funds.

Will Wright, head of restructuring at Interpath Advisory, stated: “Joules is likely one of the most recognisable names on the excessive road, with a singular model id and dependable buyer base.

“Over the approaching weeks, we’ll endeavour to proceed to function all shops as a going concern throughout this vitally vital Christmas buying and selling interval whereas we assess choices for the group, together with a potential sale.

“At this stage we’re optimistic that we can safe a future for this nice British model.”

Joules stated all shops and concessions will function as regular, whereas on-line orders can even be delivered as typical.

It added that legitimate reward playing cards can nonetheless be redeemed, however clients will now not have the ability to purchase new reward playing cards.

Clients can even have the ability to trade gadgets in shops however will now not provide refunds following the administration.

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