Joules is in administration, huge interest from potential new owners
Joules had already filed a notice of intent to appoint administrators earlier this week, and now the administration filing has actually happened with the existing company’s long attempts to turn around its fortunes coming to an end.
Joules has named Will Wright, Ryan Grant and Chris Pole of Interpath Limited as administrators to the company with Wright and Grant also administrators for its Garden Trading and Joules Developments operations.
Its shares have been suspended from trading since 7 November with its listing to be cancelled soon with “any residual value distributed to the company's shareholders and the company wound up.”
But that doesn't mean the brand itself is coming to an end and there’s plenty of potential for it to be picked up quickly by a new owner who won't need to be encumbered by its large number of stores.
In fact, Will Wright 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.”
The company continues to trade as options are assessed by the administrators, and while speculation is rife that many stores could close, all of the stores remain open for now.
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