7:49 am, November 17, 2022
Troubled fashion retailer Joules has officially fallen into administration – despite major investment from the boss of dealer group Stoneacre.
Car Dealer reported on Monday (Nov 14) that the outfit was to apply to enter administration and the move has now been confirmed.
The company has appointed administrators from Interpath Advisory with the future of the retailer’s 132 shops and 1,600 workers at risk.
Stoneacre boss Richard Teatum bought an 8.9 per cent stake in Joules on October 6, equating to around £1m, in a bid to help reverse its ailing fortunes.
He was reported not to have ruled out taking part in a rescue of the fashion company, saying: ‘I might buy some more [shares], I might sell some. I don’t mean to be vague: it’s just I’m keeping my options open.
‘I think the shares are very good value, otherwise I wouldn’t have bought them. I think the company can be turned around; not easily, but it can be.’
The administrators say the business will continue to trade and shops will stay open while they ‘assess options for the business, including exploring the possibility of a sale as a going concern’.
Interpath added that it has witnessed ‘overwhelming’ interest from potential suitors to snap up the brand and its assets since revealing plans to enter insolvency.
Will Wright, head of restructuring at Interpath Advisory and joint administrator, said: ‘Joules is one of the most recognisable names on the high street, with a unique brand identity and loyal customer base.
‘Over the coming weeks, we will endeavour to continue to operate all stores as a going concern during this vitally important Christmas trading period while we assess options for the group, including a possible sale.
‘Since the group’s announcement on Monday, we have had an overwhelming amount of interest from interested parties.
‘We will be working hard over the days ahead to assess this interest, but at this stage we are optimistic that we will be able to secure a future for this great British brand.’
Joules, famous for its posh wellies, said all stores and concessions will operate as normal, while online orders will also be delivered as usual.
It added that valid gift cards can still be redeemed, but customers will no longer be able to buy new gift cards.
Customers will also be able to exchange items in stores but will no longer offer refunds following the administration.
News of the administration is not expected to effect Teatum’s involvement with Stoneacre.
