Joules has confirmed that it has called in advisers to look at bolstering its finances as soaring costs impacted sales.
What happened
Lifestyle brand Joules has appointed KPMG debt advisory to look at bolstering its finances as soaring costs and waning consumer confidence impacted recent sales.
Why it matters
The company has hired KPMG to help with plans to boost profits and shore up its balance sheet as reports suggest it is considering raising fresh capital.
Joules announced in May that CEO Nick Jones would step down in the first half of its next financial year while warning of the impact on profits of the cost-of-living crisis. Its share price has plummeted by nearly 90% over the past year, with declines compounded by the profit alert and cash crunch worries.
Joules said: “The group continues to focus on improving profitability, cash generation and liquidity headroom.” It said it has hired KPMG’s debt advisory practice “to assist in this process”.
This news brief is based on reporting published by TheIndustry.fashion on 2022-07-11. The original report is linked below.
TheIndustry.fashion
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