Joules rescue deal by TFG said to be imminent
A rescue deal to buy collapsed British fashion and lifestyle brand Joules is said to be close to completion with Whistles and Hobbs parent The Foschini Group poised to take it over.
According to Sky News, South African group Foshini (which in turn owns TFG London the parent of Whistles, Hobbs and Phase Eight) is set to secure an agreement to acquire Joules that will lead to roughly three quarters of its 132 stores being saved. The closure of a quarter of the stores would lead to several hundred job losses, it is understood.
The administration of the previously listed Joules is being handled by Interpath Advisory who could not comment further on the Sky News report at this time.
Other parties, including Frasers Group and Next, have been circling Joules and Foschini are believed to have been talking to the business for a number of weeks, prior to its fall into administration earlier this month.
News emerged of Foschini's interest shortly after its collapse. It remains possible, however, that another party may yet swoop in and steal a deal at the last minute.
Joules' stores have been operating as normal during the administration and at the time it was appointed Interpath said it had had "an overwhelming amount of interest from interested parties" in the Market Harborough-based brand.
Prior to its fall into administration, Joules had been in discussion with Next about taking an equity stake in the business but those talks collapsed after Joules issued a profit warning and its shares continued to fall in value. A year ago Joules shares were trading at around 200p and by the time shares were suspended to its impending administration, they were valued at just under 10p.
