Joules says progress being made, no specific comment on CVA reports

By

Sandra Halliday

Published
Sep 30, 2022

Under-pressure retailer Joules on Friday responded to press reports that it’s considering a CVA with a stock exchange statement that neither confirmed nor denied the news.

But it did say that “its new leadership team, led by Jonathon Brown and supported by [founder] Tom Joule in an executive capacity as Product Director, is making good progress in developing its turnaround plan, which focuses on driving higher profitability including through: a better pricing and promotional strategy; focusing on more profitable product categories with shorter time to market; and optimising the group's channel mix”. 

It said the company also “continues to make good progress on its simplification agenda and cost management process. Interpath Advisory is assisting the board with an initial assessment of certain elements as part of the development of this turnaround plan”.

The initial press report on Sky News had mentioned Interpath as working with Joules on a possible CVA.

As previously announced on 13 September, the group “continues to assess its ongoing financing requirements, including a possible equity raise, to allow the company to strengthen its balance sheet. KPMG continues to support the group on its medium-term funding”.

It plans to announce its results for the year ended 31 May 2022 in November.