As cost-of-living issues cripple the British high street, Joules has, reportedly, appointed KPMG debt advisory to seek cash lifeline.
The lifestyle retailer from the UK confirmed the same that was published in The Sunday Times.
Consultants from KPMG’s debt advisory practice are said to be exploring options, which include raising fresh capital.
The fashion retailer has been struggling ever since its cash reserves dried out – thanks to ever-growing inflation.
Following the hiring of KPMG, the retailer has said that it will continue to focus on improving profitability, liquidity headroom and cash generation.
Joules, as of 29 May 2022, had a net debt of £ 21.4 million, giving £ 11.3 million headroom within its banking facilities, which is in line with the Board’s expectations.
The British apparel retailer sells clothing and homeware products inspired by British country lifestyles. Founded in 1989, it is known for selling apparels at country shows.
