Joules to repay £5.9m tax bill

It comes as the brand is seeking to repay its creditors, and its assets sale is said to be on course to deliver a full repayment of tax to HMRC – according to reports in The Times. 

The company brought in administrators after failing to secure a refinancing in November 2022, with Next agreeing to buy 100 of the fashion retailer’s shops for £34m in a move that safeguarded more than 1,400. The was bought in a joint venture alongside Joules’ founder Tom Joule.

In a recent report to creditors, Interpath’s restructuring advisers said they initially had thought a payout to HMRC was unlikely – but they’re now expecting to deliver a full repayment as the liquidation of the company’s assets continued.