Joules Calls In Debt Advisors Amid Cost Of Living Crisis

Market Harborough’s biggest employer has drafted in debt advisors in the wake of the cost of living crisis.

Joules, which employs around 400 people at its Rockingham Road HQ, says the appointment of KPMG will help improve profitability, cash flow and liquidity.

The clothing retailer issued a statement today after The Sunday Times reported it was seeking a cash lifeline as the cost-of-living hits the high street.

The Joules HQ

In a ‘response to media reporting,’ Joules said it was focusing on improving profitability, cash generation and liquidity headroom.

It said: “The group confirms it has appointed KPMG debt advisory to assist in this process.

“As at 29 May, the group had net debt of £21.4 million, giving £11.3 million headroom within its banking facilities, in line with the board’s expectations.

“Whilst the group continues to manage its cash resources carefully over its seasonal borrowing peak, it expects to have sufficient liquidity to manage its working capital requirements over this time.”

In May, the fashion retailer issued a profit warning, with the soaring cost of living impacting sales, as it announced that chief executive Nick Jones was leaving the business.