// Joules calls in administrators from Interpath Advisory
// The company’s shares were suspended from trading on the AIM
Joules has collapsed into administration as it calls in Will Wright, Ryan Grant and Chris Pole from Interpath Advisory.
The lifestyle retailer said the board of Joules resolved to file a notice of intention to appoint administrators to the company.
The company’s shares were suspended from trading on the AIM on 7 November 2022.
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The board currently expects that, in due course, the listing of the company’s ordinary shares will be cancelled.
Any residual value will be distributed to the company’s shareholders and the company will be wound up.
The joint administrators will continue to trade the group as a going concern while they assess options for the business, including exploring the possibility of a sale as a going concern.
All stores, including the group’s online store, will remain open.
“Joules is one of the most recognisable names on the high street, with a unique brand identity and loyal customer base,” Interpath Advisory joint administrator, Will Wright said.
“Over the coming weeks, we will endeavour to continue to operate all stores as a going concern during this vitally important Christmas trading period while we assess options for the group, including a possible sale.
“Since the group’s announcement on Monday, we have had an overwhelming amount of interest from interested parties.
“We will be working hard over the days ahead to assess this interest, but at this stage we are optimistic that we will be able to secure a future for this great British brand.”