Joules to appoint Interpath Advisory as administrators

Joules is set to appoint administrators from Interpath Advisory after talks with potential investors collapsed, with up to 1,600 jobs now at risk.

Earlier this month, the company announced it was in advanced discussions with a number of strategic investors regarding financing options for the group. 

It spoke with a number of strategic investors, including Tom Joule, to provide a cornerstone investment in an equity raise, and said it would consult with key stakeholders, including suppliers, on its options.

However, its board has now confirmed “these discussions with various parties have not been successful and have now terminated”. Following this, it announced its intention to appoint administrators from Interpath Advisory to lead the administration.

In a statement, the retailer said: “Regrettably therefore, the board of Joules has resolved to file a notice of intention to appoint Will Wright, Ryan Grant and Chris Pole of Interpath Advisory Limited as administrators to the company and Joules Limited, and Will Wright and Ryan Grant to The Garden Trading Company Limited and Joules Developments Limited  as soon as reasonably practicable.”