// Joules is being considered for a takeover by South African retail conglomerate The Foschini Group
// The Foschini Group currently owns Phase Eight, Hobbs and Whistles
Joules is being eyed by South African retail conglomerate The Foschini Group (TFG) for a potential takeover after collapsing into administration earlier this month.
The Foschini Group (TFG), which owns Phase Eight, Hobbs and Whistles, is in advanced talks to rescue the lifestyle retailer.
TFG is close to an agreement to buy around three-quarters of Joules’ stores and assets. A deal could be finalised today. The purchase could salvage some of Joules’ 1,600 jobs.
Joules appointed Will Wright, Ryan Grant and Chris Pole from Interpath Advisory as administrators on 16 November. The joint administrators are continuing to trade the group.
All 132 stores and the group’s website remain open.
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“Joules is one of the most recognisable names on the high street, with a unique brand identity and loyal customer base,” Wright said.
“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.”
TFG is likely to face tough competition to secure a deal for Joules.
Next, Mike Ashley’s Frasers Group and Marks & Spencer are all expected to be among the interested suitors for Joules.
The news comes after Joules made redundancies across senior directors last week.
Channels director Rimal Patel and brand and creative director Chloe Ward both left the business last week, while chief financial officer Caroline York also left “following a short handover”.
Joules said 11 other staff were made redundant last Monday, with notice given to a further six contractors who will leave between now and mid-December.
