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PRIVACY
Retail & Consumer

Joules announces it is going into administration

The retailer said it was suspending trading in its shares following months of financial difficulties

Happier times: Joules founder Tom Joule outside the Market Harborough High Street store

Joules, the º£½ÇÊÓÆµ country fashion and homeware brand, is going into administration, putting more than 1,000 jobs at risk.

The retailer said it was suspending trading in its shares following months of financial difficulties.

Only last week it provided an update saying it was in 'advanced discussions' with potential backers, including founder Tom Joule, to save the business.

It had been looking for equity investment as well short-term funding amid disappointing sales with profits expected to be down this year and costs going up.

In a trading update this morning the Market Harborough-based business said: “The board confirms these discussions with various parties have not been successful and have now terminated.

“Regrettably therefore, the board of Joules has resolved to file a notice of intention to appoint Will Wright, Ryan Grant and Chris Pole of Interpath Advisory Limited as administrators to the Company and Joules Limited, and Will Wright and Ryan Grant to The Garden Trading Company Limited and Joules Developments Limited as soon as reasonably practicable.

“The board is taking this action to protect the interests of its creditors.

“In light of the above, the board announces that it has requested a suspension of trading in the company's ordinary shares on AIM with effect from 7.30 am today.”