// Joules could be snapped up by South African retail conglomerate The Foschini Group (TFG)
// TFG was in discussions with Joules for several weeks prior to it calling in administrators
Joules is being eyed by South African retail conglomerate The Foschini Group (TFG) for a potential takeover after collapsing into administration earlier this week.
The purchase could salvage some of the lifestyle retailer‘s 1,600 jobs.
TFG, which owns Phase Eight and Hobbs, is exploring a bid to take control of Joules and was in discussions about investing in the business in return for a substantial stake.
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Retail industry sources said that its UK arm, TFG London, was now examining whether it could take control of Joules from Interpath Advisory, the insolvency practitioner.
TFG, which also owns the Whistles, 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.
Joules operates a total of 132 stores across the UK, employing over 1,600 people. Its stores will remain open during the administration process.
Joules had been in talks with Next about a strategic investment earlier this year but was unable to secure a deal as Joules’ share price continued to drop.
