Jules B successfully completes CVA following “major cyber attack”
North East-based independent retailer Jules B has today released a statement revealing the successful completion of its Company Voluntary Arrangement (CVA), which followed the “significant disruption” to the business due to a cyber attack in September 2023.
The statement from Jules B Founder and Managing Director, Julian Blades, says the business can now “embrace a positive future.” It reads:
“We are grateful for the remarkable support and confidence extended by over 90% of creditors, Jules B pledges unwavering dedication to honour this trust in the years ahead.
“The company assures creditors of its utmost commitment to fulfilling obligations and rebuilding trust through sustained performance.”
Restructuring group KSA guided Jules B through the complex CVA process, in what has been a challenging period for all those involved in the business.
Blades continued: “Faced with numerous options in responding to the crisis, Jules B strategically opted for the CVA, recognising it as the most viable mechanism to sustain operations while retaining full control of the business. This decision underscores the company's commitment to its legacy of nearly forty years and the preservation of the livelihoods of its forty-five dedicated employees.
“Jules B eagerly anticipates a renewed era of growth and success. Bolstered by confidence in its robust infrastructure and capable management team, the company is poised to drive forward with determination and resilience.”
As well as operating online, Jules B has retail stores in Jesmond, Newcastle-upon-Tyne and Kendal, Cumbria selling brands including Essentiel Antwerp, Barbour, Joseph, Paul Smith and RIXO among others.
