(Alliance News) - Cape Town-based clothing retailer Foschini Group Ltd is considering an offer for failed British lifestyles brand Joules Group PLC, Sky News reported on Friday.
Sky said it understands that Foschini, which owns brands such as Phase Eight and Hobbs, was in talks with Joules for several weeks prior to Joules calling in administrators.
https://news.sky.com/story/phase-eight-owner-foschini-weighs-bid-to-rescue-joules-12750243
Joules, a Leicestershire, England-based country lifestyle retailer, last week named Interpath Ltd as administrators, and Peel Hunt resigned as the AIM listing's nominated adviser and broker. The moves followed the failure of talks for a cash injection from founder Tom Joule and other investors.
Earlier this month, Foschini said pretax profit was ZAR2.10 billion in the six months that ended September 30, up 40% from ZAR1.50 billion a year before, as revenue rose 23% to ZAR25.10 billion from ZAR20.40 billion.
Foschini shares were up 2.8% at ZAR108.08 in Johannesburg on Monday.
By Tom Waite; thomaslwaite@alliancenews.com
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