Creditors owed £114m as Joules collapsed into administration
Joules, the Market Harborough lifestyle retailer, owed almost £114m to creditors when it fell into administration.
Documents seen by TheBusinessDesk.com show that Joules was in the red by over £113.8m when administrators from Interpath were called in on November 16.
The firm was sold to Next in a rescue deal worth around £34m on December 1, saving around 1,400 jobs and 100 of Joules’ 124 outlets in the UK and Ireland.
Some 19 stores were not part of the deal and were closed with immediate effect, with the loss of 133 jobs.
Among those companies owed substantial amounts of cash were a host of property agents including JLL and CBRE – as well as accountancy giant Deloitte, which is owed almost £300,000.
Meanwhile, HMRC was owed almost £3.9m, while those holding Joules giftcards were owed £1.3m.
Next had mulled a £15m investment in Market Harborough Joules over the summer but pulled out of talks after failing to receive sufficient financial information.
