The business has suffered a slump in shares over the past year
is one of over 130 operated by a chain that employs around 1,600 people. Joules said:"The board is taking this action to protect the interests of its creditors."
The business, founded in 1989, has suffered a slump in shares over the past year following profit warnings amid the. The retailer has announced plans to file a notice of intention to appoint Interpath Advisory as administrators to the firm and its subsidiaries, including online home and garden retailer The Garden Trading Company,"as soon as reasonably practicable".
Despite the announcement, stores and websites will continue to trade as normal. Next had been in talks with Joules over a deal to buy a minority stake but discussions collapsed in September. The business had also been in talks with strategic investors including founder Tom Joule over a so-called cornerstone equity rise, and also discussed a possible bridge financing deal with Mr Joule and its lender.
Joules, which has a store in Victoria Leeds in the city centre, is expected to formally appoint administrators in the next five to 10 days. Image: James Hardisty The option of a company voluntary arrangement, typically involving a firm agreeing delayed or reduced payments to landlords or other creditors, was also considered as part of a restructuring to reverse fortunes.
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Joules to enter administration after failing to secure fresh funding\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t
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