// Joules owes more than £100m to its suppliers, landlords and the holders of gift cards following its collapse last year
// The fashion retailer was bought out of administration by Next back in December
Joules reportedly still owes more than £100m to its suppliers, landlords and customers holding gift cards, following the fashion retailer’s collapse last year, new documents show.
The retailer was bought out of administration by Next, saving 1,450 jobs and 100 stores after high-street giant Next teamed up with founder Tom Joule to secure the £34m deal.
According to the Times, the latest administrators’ progress report shows that unsecured creditors are owed £112m from the fallout, while clothing and fabric suppliers are out of pocket by £38.6m and associated property companies are owed £3.8m.
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Gift card-holders are also owed £1.3m while the remainder of the debt is owed to other connected companies and creditors.
The statement of affairs indicated they will receive only a fraction of what they are owed.
Administrator Interpath Advisory estimates that a dividend of between 12p and 15p in the pound will be paid in the period to November 2024 after it extended the restructuring process by another year.
Next’s acquisition of Joules came just weeks after it snapped up Made.com’s IP, following the furniture retailer’s collapse.
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