The parent firm of fashion retailer Joules and The Garden Trading Company is on the brink of collapse after a failure to secure new investment, it has been announced.
Joules Group, which has around 1,700 staff, revealed it was to file a notice of intention to appoint administrators and had requested the suspension of trading in the company’s shares.
“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,” its statement said.
The Leicestershire-based group has been struggling against the backdrop of rising costs and flagging sales as consumer budgets are squeezed by the highest inflation for 40 years.
Its imminent demise follows that of Made.com, the online-focused furniture brand, last week with the loss of almost 600 jobs.