Senior redundancies have been made at Market Harborough lifestyle brand Joules, following the appointment of administrators last week.
Retail Week reports that it has seen an internal memo noting that channels director Rimal Patel and brand and creative director Chloe Ward have both left the business, while chief financial officer Caroline York is set to leave on Thursday.
11 other staff were also said to have been made redundant on Monday, with more to follow.
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.
The joint administrators said they will continue to trade the group as a going concern while they assess options for the business, including exploring the possibility of a sale as a going concern.
All stores, including the group’s online store, will remain open.
Will Wright, head of restructuring at Interpath Advisory and joint administrator, said: “Joules is one of the most recognisable names on the high street, with a unique brand identity and loyal customer base.
“Over the coming weeks, we will endeavour to continue to operate all stores as a going concern during this vitally important Christmas trading period while we assess options for the group, including a possible sale.
“Since the group’s announcement on Monday, we have had an overwhelming amount of interest from interested parties. We will be working hard over the days ahead to assess this interest, but at this stage we are optimistic that we will be able to secure a future for this great British brand.”
A South African group that owns brands such as Phase Eight and Hobbs is reportedly contemplating a bid for Joules.
According to Sky News, The Foschini Group (TFG) has 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.
