Struggling retailer Joules begs investors for fresh cash as merciless restructure looms
Struggling retailer Joules has revealed talks with investors including founder Tom Joule to inject cash into the business alongside a possible company voluntary arrangement (CVA) restructuring as sales continue to disappoint.
The group said Mr Joule – who has recently returned to the firm as product director – is among a number of “strategic investors” in discussions to provide a ” cornerstone investment in an equity raise”.
It said it was also continuing to explore a CVA as trading remained under pressure, with sales for the 11 weeks to October 30 lower than expected.
Joules said this meant its working capital position was also worse than expected and it is in talks with Mr Joule and its lending banks over a possible “bridge financing proposal.”