Joules set to appoint administrators

The clothing and homeware business is set to appoint Will Wright, Ryan Grant and Chris Pole from Interpath Advisory to run the administration, with it also requesting a suspension of trading of its shares.

 
In a statement to the stock market, Joules said: “The board is taking this action to protect the interest of its creditors.”  

Last week it said trading had been weaker than expected, stating it believes this “reflects the challenging UK economic environment”, impacting consumer confidence and disposable income. This trading underperformance resulted in the company’s working capital position being below expectations.

  
Previously fellow retailer Next – which stocks Joules’ products – had been in discussions to purchase a 25% stake in the company, however these ended in September.

  
Founded by Tom Joule, Joules started out selling clothes at country shows in 1989. As well as Joules stores and the online business, the group also runs the online-only Garden Trading Company.  

The Leicestershire-based company operates more than 130 stores and employs around 1,600 people.