RESCUED RETAILER STILL OWES MILLIONS

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Gift card holders among those said to be out-of-pocket.

Joules, which was bought out of administration by Next and founder Tom Joule in December, reportedly still owes more than £110 million.

Clothing and fabric suppliers bear the brunt at nearly £39 million. Other unsecured creditors include gift card holders, who are owed £1.3 million, and landlords (£3.8 million).

The revelations, reported in The Times and financial media, follow publication last week of a progress report from administrators Interpath Advisory. It estimates that between 12p and 15p in the pound will be paid, probably during 2024.

The sale of the majority of Joules’ assets was finalised on 1 December 2022 for a total consideration of £34 million. 

It’s now owned by a newly formed company, 74% controlled by high street retailer Next and 26% by the brand’s founder Tom Joule.

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