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Didn’t realise that, I thought it was game over. Maybe a glimmer of hope. Feeling very down today.
Administrations do allow companies to get rescued and to be able to continue to operate — willing funder, creditors and lenders agreeing via transition into a CVA. So let’s see. This story ain’t over yet for the shareholders, IMO.
https://www.joulesgroup.com/investors/shareholder-centre/key-shareholders/
Toms also gonna be hurting in more ways than one.
KBYK i saw this a few weeks back and was shocked, all the major players on sidelines, given current climate were never going to step in, they have all been in the waiting room sitting patiently to get to this point, why why why a second hand car dealer pumps in all this money given the fact that Next walked away i'm dumb founded, hopefully he bailed last week.
Yes - no doubt Next saw the writing on the wall and I would be surprised if they don't snap up the brand. Some hope for workers which is a good thing. No doubt the BOD / TJ will do fine out of the mess, as per usual.
Seems, as well as some of us lowly PIs, a whale was caught up in the net:
https://www.thisismoney.co.uk/money/markets/article-11375095/Doncaster-businessman-Richard-Teatum-ups-stake-Joules.html
Cleaned out
Live and learn I guess
Wouldn't surprise me if Next or M&S are successful that TJ is bought back in as an advisor, sadly this of course won't help shareholders but at least it will give security to workers.
Bushy someone will def step in, Wolfson favourite, going to be some more job losses but i think it can comeback given the right guidance which Next or poss M&S can give it, there is management in both of these companies that have a personal vested interest in Joules rising from the ashes.
Living in Market Harborough I also hope someone steps in as this will be a major impact on the town. I feel for PI's that have potentially lost out here but also for friends that work at Joules, many having taken shares and reduced salary during the pandemic to help reduce costs, double whammy. Keeping my fingers crossed for all of you with shares and for my friends.
Well done Saasb ..I had a similar escape from MADE, the other week, and REVB as it happens. No such luck here though - but thankfully only a cheeky £400 double or nothing punt (the gamble was the next deal would come through), so pretty minuscule in the whole scheme of things.
Same. Recklessly had over half my life savings here circa 7p, sold most at 10p and kicking myself when it went on to 15p but resisted fomo and now thanking my lucky stars.
Whats happened here is a cliche im afraid, seen it time and time again, founder sells out to rapturous applause and then the rot of over expansion and saddling the come witb debt sets in, this is fine in good times but once things tighten these lifestyle brands really struggle. Sorry for all shsre holders , im sure Wolfson, Ashley will not battle it out perhaps M&S, with Next & M&S alot of staff have crossed over in past especially Next. I hope for Market Harboroughs sake that someone steps , whole thing needs stripping right back and buying inventory and sourcing needs to be dragged into the real world.
Thanks for responding. Sorry to sound stupid but does that mean a CVA is definitely off the table then? I only ask as I know they have said that this would be something they would consider before. I know it would still be a blow but would offer a glimmer of light in this crappy situation.
Dodged that bullet by a week....sold at 15 thinking I'd miss out....struth...mind you back in 2000 I was a holder in Marconi and lost the lot when out of the blue this ceased trading....20k gone!!)....Happens alot cine, Laura Ashley etc etc...they'll be more for sure as recession intensifies
to keep the brand alive and shareholders don't get shat upon like normal ..
Been so many already this year, something needs to change, happening far too much for my liking !
Thankful I got out a few weeks ago, albeit at a small loss, just thought something weren't adding up here ..
ATB
Absolute shocker that and very surprised given all the previous statements. I think the biggest surprise is that Tom Joules didn't step in to provide the necessary support.
Perhaps he will take the richer pickings out of administration. Either that or Next or Mike Ashley will pick up the best bits of for a song.
Sympathies to all holders and the staff who will probably only find out when they turn up for work this a.m.
Waltkts - Whatever happens now, shareholders are going to get wiped out I'm afraid. They come last in terms of priority in the list of creditors, so there will be nothing left for them, even if a buyer is found.
Shame ...they seemed to be making progress with the plans ...some seemed ready to go along with a plan but sounds like weekend talks fell down
.....Garden Trading to me was the problem ..... the businesses seem likely to be sold off separately now .... I bet even M&S might take a look at the Joules brand without having to take the burden of all the stores ..along with Next and Frasers
It has been revealed that Joules, the parent company of The Garden Trading Company and Joules Fashion Retailer are at risk of bankruptcy after failing to secure new investments.
https://twitter.com/Share_Talk/status/1592064360570314753?s=20
Joules Group employs around 1,600 people and has requested that trading in its shares be suspended.
Joules shares have fallen 93% this year, from around 140p in January to 9p at the end of last week.
At Friday’s close of c9p, Joules was capitalised at just £10m, so its fall from grace has been alarming (the IPO price in May 2016 was 160p and it peaked at over 300p)
https://www.share-talk.com/breaking-joules-and-the-garden-trading-company-on-brink-of-collapse/
I dining think Tom would let this happen. Assume he will have to bid against next to buy it back now.
I feel so sorry for holders here.
These shares are becoming so risky. I was involved in made.com so I have an idea of how it feels.
I thought this 1 may have been OK with recent RNS correspondence, apart from the one last week obviously
I’m a novice when it comes to shares and took a punt and invested (too much if I’m being honest). I’m not moaning, it is what it is and I knew the risks when I bought the shares but I do have a question. What are the chances of a CVA happening from this CVA and if it does what does that mean for PI’s?
Thanks for any responses!
Relieved I sold on Thursday. Sorry to all those left.
Wonder if Tom will buy it without the debt etc. either that or next.
Anyway who is the buyer my guess .next
Another one bites the dust. Hope not too many PI's trapped?