Harborough-based Joules in 'advanced talks' for rescue deal

Joules is in ‘advanced talks’ about a rescue deal with the owners of Hobbs and Phase Eight.

South African group TFG – also known as The Foschini Group – is understood to be in talks to rescue the retailer.

Fashion and homeware retailer Joules – which has its headquarters on Rockingham Road in Harborough where it employs some 400 people – collapsed into administration last month.

Some 20 redundancies have already been made at the company’s business headquarters in Harborough, including senior directors.

It is reported TFG - also owns brands Whistles and G Star Raw - is close to an agreement to buy around three-quarters of Joules’ stores and assets.

Administrators Interpath Advisory were called in on Nov 16, with joint administrators Will Wright, Ryan Grant and Chris Pole keeping its online businesses and stores open.

Mr Wright said: “Since the Group’s announcement, 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.”

Among those also expected to be interested in a takeover are fellow Leicestershire employer Next, Mike Ashley's Frasers Group and Marks & Spencer.

The Joules Group includes 132 Joules stores with an online business, and also runs the online-only Garden Trading Company. Its distribution centre is in Corby.