The Joules Group, which has around 1,600 staff, revealed it was to file a notice of intention to appoint administrators and had asked for the company’s shares to be suspended from trading. “On November 7, 2022, the company announced that it was in advanced discussions with a number of strategic investors to provide a cornerstone investment in an equity raising process. “The company also announced that it was in discussions regarding a bridge financing proposal to enable continued progress with the refinancing plans outlined above. “The board confirms that these discussions with various parties have not been successful and have now been terminated,” its statement said. The Leicestershire-based group said it was taking steps to protect its creditors. It is struggling amid rising costs and signs of sales as consumer budgets are squeezed by the highest inflation in 40 years. Its impending demise follows that of online-focused furniture brand Made.com last week with the loss of nearly 600 jobs. Image: Made.com collapsed last week with the loss of hundreds of jobs Joules – famous for its wellies – has more than 130 UK stores and a handful of concessions, but also operates in Europe and the United States. Garden Trading Company, which sells outdoor goods mainly online but also through stockists, was bought by the group last year. The company was racing against time to raise more cash before a £5m loan repayment deadline at the end of the month. He was talking to several investors, including Tom Joule who founded the business at a country fair in 1989, but ultimately could not find an agreement on the proposed cash call or bridge loan. Mr Joule remains Head of Brand at Joules.
