Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Wish I could make a joke of it mate.
Why on earth do you think this is coming back?
I guess it all depends on how much joules gets for its assets .
What I don’t get is why the management didn’t start shutting unprofitable stores months maybe a year ago .
It was obvious that a cost cutting exercise was required.
Also the complete lack of marketing, use of influencers played a part .
It’s a disgrace
A sad day for what used to be a great company. Sad for the employees in Matket Harborough and around the country who are now facing a difficult future. Sad for us shareholders as well who have lost everything no doubt - my loss is at least affordable, and is a reminder to me that just because I like a brand's products it does not make them automatically profitable.
Are the company still taking orders on the website? I was able to add stuff to my basket but didn't try checking out. Normally there would be a prominent banner on the homepage to say the company is in administration but I couldn't see any indication of anything being amiss (other than the 70% off deals). I hope anyone that does place an order does not lose out like we all have...
Tom will want to buy it back but we know there will be competition from next, Ashley and possibly m and s.
Some massive mistakes have been made here, if there not mistakes then it’s akin to fraud.
Ready for Mike Ashley to step in
Hope this gets a very thorough investigation . Well dodgy imho
At last some sense here. Don't like to give it the 'told you so'... but this was on a one way track. I kept asking where is the good news for ages.
Will post more detail later tonight or tomorrow. I know a fair few Joules employees so happy to share the inside track. OI bet others will too. The rumour in the company for ages has been TJ has wanted to buy 'his' company out of administration. I for one hope that is not allowed to happen.
If you want a microcosm of the problem - take last Thursday. Joules went with their Black Friday event early and their website crashed (again)! And their new CEO is supposed to be an IT guru. It is laughable. Tom has steered this company into administration with a series of awful decisions. He bought Garden Trading form his mate! Where is the boy wonder from the 2016 flotation now? And they spent a fortune on a massive knees up for store managers at head office a few months ago. No expense spared. The bill for that must have been huge. Sadly all those staff will now be looking for a new job. And that's not the half of it, trust me.
Saab93se - indeed, now you put it like that...not much consolation though!
Also very strange goings on all told, as share is suspended are they still obligated to issue a TR1 - (potentially with Teatum's holding exponentially reduced over the last few days) or has he taken a significant haircut.
Been a bystander on this s*** show for months now...and had been close a number of times putting my foot in. Market gods were looking down so thankful for that. What strikes me is how appauling and unfaithful the correspondance has been from the company...noting the update only a week ago which tried to sound fairly positive!! Really feel for people who went into this off the back of that Doncaster car magnate loading up....
Really one of those cases which seemed unlikely to get to this stage...vs. other collapses the Joules brand is actually pretty good, you had TJ who disgracefully has not stepped in to support this, and then the Doncaster businessman who had apparently been to see the mgmt. team etc...there was a lot to back up an investment case in some ways.
Anyway....very sorry for anyone who lost out here, but I've learnt this year through Evraz that it happens.
Monty888
If anyone listened to King Joules and invested because of him then not only do they need removing from being able to buy shares but also sectioned!
He actually made me smile as he was so full of garbage but seemed harmless emough!!
His list of stocks he has commented on in the past month reads as;
Made.com- in administration
Joules - in administration
DkE - suspended as couldn't complete audit in 6 momhts (this a 800k business)
I think it's clear he wasn't Buffet and is noticeable by his absence haha
Yes , as someone who has lost plenty.
imho We have been fed a bit of jackanory the last few weeks . TJ defo to blame
I had suspicions that Tom Joules wanted the share price as low as possible before he’d show his hand. If so, the chances of that happening were thwarted by a Doncaster businessman buying £1m of shares, followed by publicity which encouraged many opportunistic traders to buy shares up on the cheap thinking wealthy investors would be there to provide financial backing, pushing the share price up 300% from its recent all time low. But if you were Tom Joules, how would you feel if your 20%+ stake in the 30 year old family business had depreciated by over £50m and then, before you’re allowed to be the hero, a car dealer you’ve never met comes along and buys an equivalent quantity of your shares for a tiny fraction? Would it reduce or increase your incentive to inject cash from your personal fortune to prop up the business?
I like to think Tom Joules had a private chat with Mr Teatum last week and warned him to get out, but I doubt it.
What a load of hydraulics that was .. !
YOU CAN SEE WHY PPL GET *ISSED OFF, taking PPL's hard earnt money on false promises and statements, is so totally wrong..
Tom Joule and management confident of turning Joules around following reports of potential CVA
https://www.business-live.co.uk/retail-consumer/tom-joule-management-confident-turning-25141259
They must have an absolute fortune in shop and warehouse stocks !!
Almost certain someone is going to buy this business up on the cheap ..
Let's not beat about the bush here. Mr Tom Joule could have stepped in with a £5 million cornerstone investment to save his own company (perhaps only in the short term). He didn't - in fact he was conspicuous by his silence throughout.
Maybe he is looking to be clever in trying to buy it out of admin, in which case Wolfson and or Ashley will have him for breakfast.
Sad day for Joules employees and a bad day for small shareholders. That's a good few grand I won't be seeing back in a hurry.
it is sad for the employees I agree but the management have let this business slide for years....too expensive, poor quality better competition out there I'm afraid.
See this for where shareholders stand in a liquidation, which this is pretty certain to be,
https://harperjames.co.uk/article/who-gets-paid-first-in-insolvency/#:~:text=In%20liquidation%2C%20creditors%20are%20paid,Expenses%20of%20the%20insolvent%20estate
scroll down to "WHO GETS PAID FIRST......
There is no benefit to prospective buyers in rescuing the company as it is, the brand name, assets... may be saved, or as with Made.com only the brand. Whatever the outcome shareholders still invested must assume a zero value for their shares.
I would have thought this would have been bought out before administration as they seem to be making the right moves.Although a capitalist I view the handling of firms when they go into administration is in my view the unacceptable face of capitalism as the administrators seem only interested in getting paid .Last week I read that the Made founder made an offer but got rejected which would have saved jobs ,instead only the name etc got sold.
Shareholders are last on the list, it’s all gone 100% guaranteed. Tax man, pension funds, salaries, creditors, banks etc….Nothing for shareholders, that’s the way it works unfortunately
Well King Joules your safely assured eh, we all safely assured you full of BS.
I reckon we haven't seen the end of the Joules brand...creditors will be selling this as a going concern..but the company as it stands is bankrupt and as usual shareholders will be left out....it's a bitter pill but put the losses against tax ?
Having bought many items from Joules over the years it is very sad to see it go this way. i nearly bought in when they went sub 100p but having been burnt on ASC I held back. I can't believe that the company won't be picked up and transformed by someone.
https://www.sharesmagazine.co.uk/news/shares/retailer-joules-is-going-into-administration-what-happens-to-my-shares
I once lost a few grand in Afren when they went into administration, it’s a sickener.
It’s always risky investing in shares of a company who are in financial turmoil, the Joules brand was good, I liked their clothes, had they managed to re-invent themselves as an online business and cut out the crazy rents, rates, heating, employee costs I am sure that they would have come good. Their brand is well known. It really does signal the end for so many retail outlets, Councils need to help small companies not clobber them with high rates.
I remember Thomas Cook were once in a similar position and survived and the share price rocketed, so I can understand the temptation to invest here in recent times. Shame it failed, good luck with future investments.
BattyMan
It's very much over for shareholders.
Made.com mentioned some residual payout to shareholders and that will be peanuts at best.
Joules hasn't mentioned shareholders at all and like Mccols and many many before and after shareholders get nothing