The administrators of Market Harborough retailer Joules are on the cusp of a rescue deal with The Foschini Group, according to reports from Sky News.
The South African group, which owns brands such as Phase Eight and Hobbs, is said to be in advanced talks to take on three-quarters of Joules’ shops.
Hundreds of jobs, however, could be lost with the closure of the remaining stores.
The news comes after reports earlier this month indicated The Foschini Group had been in discussions with Joules for several weeks – ahead of it appointing administrators – with an offer of investing in the business in return for a substantial stake.
Will Wright, Ryan Grant and Chris Pole from Interpath Advisory were on Wednesday 16 November named joint administrators of Joules Group plc and Joules Limited.
At the same time, Will Wright and Ryan Grant were appointed joint administrators of Joules Developments Limited and The Garden Trading Company Limited.
Joules is one of the UK’s best-known retail brands, renowned for its premium, colourful clothing and homewear products, inspired by country living. Headquartered in Market Harborough, the group currently operates a total of 132 stores across the UK, employing over 1,600 people.
According to Sky News, a deal could be struck as soon as Wednesday.
