Joules share price hits historic low after KPMG brought in
The share price at embattled Market Harborough retailer Joules dropped to new lows on Monday (July 11) on the back of news that it was bringing in KPMG to help it boost its cash reserves.
On Monday afternoon, shares in Joules were down over 20%, and at one point hit the 24.7p mark – their lowest point since the company was floated in 2016. At this point last year they were priced at 238p.
Joules now has a market capitalisation of just under £30m.
On Monday morning, the retailer confirmed that it has appointed KPMG to shore up its cash position. Despite this Joules said that it expects to have “sufficient liquidity” and pointed out that it revealed in May that it is looking to improve profitability, cash generation and liquidity headroom.
In May, Joules revealed that CEO Nick Jones is to step down after three years in the role.
