Joules news and archive

Deloitte under investigation for handling of Joules audit

The Financial Reporting Council (FRC) in the UK has begun an investigation into the audit conducted by Deloitte of the consolidated financial statements of Joules Group for the year ended May 30, 2021. The investigation, which will be conducted by the FRC’s Enforcement Division, was decided upon during a meeting of the organisation’s Conduct...

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Next to relaunch Joules ‘much earlier than expected’

Following on from its acquisition of Joules last year, Next has said that its technology team has made “significant progress” towards the delivery of its Total Platform (TP) offer for the brand. As such, the company believes that it will be able to launch Joules’ TP site “much earlier than expected”, lifting its initially proposed launch date...

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Former Joules CEO named as new Kohl’s exec

Nick Jones, the former CEO of British fashion retailer Joules, has been appointed to the position of chief merchandising and digital officer at US-based department store chain Kohl’s. Effective in March, Jones will report directly to the retailer’s newly appointed CEO Tom Kingsbury. In the role, Jones has been tasked with overseeing the overall...

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Joules owed almost 114 million pounds prior to collapse

British fashion and lifestyle brand Joules owed over 100 million pounds when it fell into administration earlier this year, new documents suggest. Trade creditors, HMRC, and Joules gift card holders were among those owed money, Business Insider reports. The heritage brand owed nearly 114 million pounds in total, according to a “statement of...

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TFG said to be protesting Next’s acquisition of Joules

The Foschini Group (TFG), a South African retail conglomerate that was in the line up of Joules bidders, has reportedly filed a complaint after it missed out on snapping up the troubled British brand. According to Sky News, the group, which operates the likes of Phase Eight and Hobbs, has written to Joules’ administrators Interpath Advisory...

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Next acquires majority stake in Joules for 34 million pounds

British clothing retailer Next has acquired a majority stake in struggling heritage brand Joules through a newly formed company for 34 million pounds in cash. In a regulatory filing, Next said it has partnered with Joules’ founder Tom Joule to acquire the company out of administration. The company has already acquired the current Joules head...

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Joules takeover deal by Foschini Group said to be imminent

A new report has suggested that Joules is on the brink of a rescue deal with South African retail conglomerate, the Foschini Group (TFG). According to Sky News, the group, which also owns Hobbs and Whistles, is close to closing an agreement to buy the majority of Joules’ stores and assets, amounting to roughly three-quarters of the brand’s...

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Crew Clothing owner Brigadier reportedly mulling Joules takeover

Crew Clothing owner Brigadier Acquisition Company Limited is reportedly considering making a takeover bid for embattled British fashion retailer Joules. Brigadier joins a growing line-up of other businesses reportedly interested in Joules, including Whistles owner TFG, Next, Frasers Group, and Marks & Spencer. Joules collapsed into...

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Whistles owner TFG reportedly mulling Joules bid

TFG London, the parent company of Phase Eight, Whistles and Hobbs, is said to be among those considering a bid for struggling fashion and lifestyle group Joules, which fell into administration last week. According to a report by Sky News, the retail firm, which is the UK arm of South African lifestyle giant The Foschini Group, had been in...

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Joules collapses into administration

Lifestyle retailer Joules on Wednesday collapsed into administration. Earlier this week it called in Wright, Ryan Grant and Chris Pole from Interpath Advisory to explore possible business options, including selling the company. While the retailer’s 132 stores across the UK are poised to stay open during the process, there has been no...

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Car dealer snaps up stake in Joules as he suggests throwing retailer a life line

Multimillionaire car investor Richard Teatum has amped up his stake in Joules, as he reportedly suggested buying up even more shares in the struggling fashion retailer. Teatum, the owner of the Stoneacre Motor Group, had told The Times that he was also hoping to meet founder of the British group, Tom Joule, “pretty soon” as he revealed he was...

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Joules to consider CVA in bid to avoid collapse

Joules has admitted that it is considering a company voluntary arrangement (CVA) in order to pay debts to its suppliers. The retailer, which operates a 130 strong retail presence across the UK and Ireland, could be forced to suspend its operations if it decides to go through with the process. The group said it is continuing to assess its ongoing...