Joules on the brink of rescue – but hundreds of jobs could go
Joules could be about to be rescued by the South African owner of Phase Eight, Whistles and Hobbs, it has emerged.
Foschini Group, which had previously expressed an interest in taking over the embattled Market Harborough retailer, is said to be close to a deal to buy the firm out of administration.
Sky News reports that, if the deal goes through, around a quarter of Joules’ 132 shops would close, leaving hundreds of staff out of work.
Joules called in administrators earlier this month, with Will Wright, Ryan Grant and Chris Pole from Interpath Advisory tasked with finding a buyer for the company.
At the same time, Wright and Grant were appointed joint administrators of Joules Developments and The Garden Trading Company.
Some 1,600 jobs are at risk across the firms.
Sky News says a deal could be struck as soon as Wednesday afternoon (30 November).