(Alliance News) - Joules Group Plc on Wednesday said it expects the listing of its shares to be cancelled after naming Interpath Ltd as administrators.
Any residual value will be distributed to shareholders as Joules will be wound up after announcing yesterday that refinancing discussions failed.
Shares in the Leicestershire, England-based country lifestyle retailer were suspended from AIM on Monday.
Will Wright, Ryan Grant and Chris Pole of Interpath have been appointed administrators to Joules and Joules Ltd, while Wright and Grant will be administrators to The Garden Trading Company Ltd and Joules Developments Ltd.
Joules last week it was in discussions with founder Tom Joule and its lender about obtaining a bridge loan, as recent weak trading has left its working capital position below expectations. However, on Monday, Joules said the talks failed.
Joules reported that overall trading for the 11 weeks ended October 30 were below company expectations, partly due to economic uncertainty in the UK and mild weather, which reduced demand for outerwear, boots and knitwear.
Joules shares are down 96% over the last 12 months after a series of profit warnings and failed talks for an investment by larger peer Next PLC.
By Jaskeet Briah; jaskeetbriah@alliancenews.com
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