Administrators of collapsed retailer Joules is set to repay the £5.9m owed in overdue VAT as it continues to liquidate the company’s assets.
The sale of the fashion brand’s assets is understood to be worth a full repayment of the tax due to HM Revenue and Customs.
Joules collapsed into administration in November 2022 after it failed to secure a refinancing deal.
It was quickly snapped up by Next, which agreed to buy around 100 of the brand’s store and its head office for £34m in a joint venture with Joules founder Tom Joule.
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Administrators Interpath Advisory previously reported that the collapsed retailer owed more than £100m to landlords, suppliers and customers holding gift cards.
Unsecured creditors were owed £112m from the fallout, while clothing and fabric suppliers were out of pocket by £38.6m; associated property companies owed £3.8m; and gift card-holders are owed £1.3m.
It was reported that creditors were likely to receive between 12p and 15p in the pound to be paid in the period to November 2024 after it extended the restructuring process by another year.
In a new report, seen by The Times, advisors at Interpath said it expected to deliver a full repayment to HMRC as it continues the liquidation process.
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