Joules Was Over £100m In The Red When Administrators Called In
Written by HFM News on 4th January 2023
Market Harborough-based Joules was nearly £114m in the red when it called in administrators in November.
A ‘statement of affairs’ document shows the fashion retailer’s debts included over £37m owed to trade creditors and almost £1.3m to people with Joules giftcards.
Those trade creditors, the report says, include a software company owed £345,000, a branch of business advisors Deloitte in Hong Kong owed £300,000, and various property companies and landlords which are owed hundreds of thousands of pounds between them.
The Joules HQ
Joules had assets of around £22m available to pay preferential creditors when administrators were called in.
The business, which had annual revenues of more than £200 million, suspended its shares in November after failing to find backing following months of disappointing sales.
The company has since been bought by a partnership of founder Tom Joule and High Street giant Next, which secured over 1000 jobs, including all those at the Rockingham Road headquarters and at most of the Joules shops nationwide.
