Joules was last night on the brink of a rescue deal with the fashion giant behind Princess of Wales’s favourite – Hobbs.
Administrators for the collapsed ‘yummy mummy’ fashion brand were close to an agreement with South Africa’s The Foschini Group (TFG).
The deal, if it is completed, would see TFG pick up the majority of Joules stores and assets.
Yummy money: Joules’ administrators were close to an agreement with South Africa’s The Foschini Group, which also owns Phase Eight and Whistles
But around a quarter of the retailer’s 132 sites would be shut, costing ‘several hundred’ jobs, according to Sky News.
TFG, which also owns Phase Eight and Whistles, was reportedly in talks with Joules about an investment for weeks before its collapse.
Rival bidders, thought to include Next and Mike Ashley’s Frasers Group, are still thought to be circling.
Joules went bust last month as it was unable to repay a bank loan. It has issued a string of profit warnings, having faced huge increases in shipping and other costs.
Administrators from Interpath Advisory are running the business through the key Christmas period while looking for a buyer.
Restructuring head Will Wright said that there has been ‘overwhelming amount of interest’ in the business.
He said: ‘We are optimistic that we will be able to secure a future for this great British brand.’
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