The group that owns Joules stores has confirmed that it is entering administration.
Joules has a store at the Old Market in Hereford.
In a post on the Joules Group website, the news was confirmed.
“On 7 November 2022, the Company announced it was in advanced discussions with a number of strategic investors to provide a cornerstone investment in an equity raise process.
“The Company also announced it was in discussions regarding a bridge financing proposal in order to enable continued progress to be made with the re-financing plans referred to above.
“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 07.30 a.m. today.
“Further announcements will be made in due course.”
