Joules takeover deal by Foschini Group said to be imminent

A new report has suggested that Joules is on the brink of a rescue deal with South African retail conglomerate, the Foschini Group (TFG).

According to Sky News, the group, which also owns Hobbs and Whistles, is close to closing an agreement to buy the majority of Joules’ stores and assets, amounting to roughly three-quarters of the brand’s retail estate.

While one source for the publication said a deal could be struck on Wednesday, both companies have not yet issued a statement on the matter.

If completed, however, the deal could see a quarter of Joules’ 132 shops close, with a loss of “several hundred” jobs.

The media outlet noted that an alternative buyer, such as Next and Frasers Group, both of which were said to be in the running, could still trump TFG’s position with a last minute offer.

Rumours surrounding TFG’s involvement have been circulating for weeks, with the group reportedly having been in discussions about a possible investment prior to Joules calling in administrators.

The British heritage brand appointed Interpath Advisory to oversee the process, with the firm’s head of restructuring, Will Wright, remaining confident of a possible takeover deal.

In a statement, Wright said: “We have had an overwhelming amount of interest from interested parties.

“We will be working hard over the days ahead to assess this interest, but at this stage we are optimistic that we will be able to secure a future for this great British brand.”