Joules, the retail company currently facing difficulties, has chosen not to confirm or deny reports about a potential Company Voluntary Arrangement (CVA), according to a statement released on the stock exchange. Instead, the company focused on the progress being made by its new leadership team, led by Jonathon Brown and with founder Tom Joule as Product Director.

The company emphasized that it is actively working on a turnaround plan, with a primary goal of increasing profitability. This involves implementing a more effective pricing and promotional strategy, concentrating on product categories that generate higher profits and have shorter time to market, and optimizing the group’s channel mix. Additionally, Joules highlighted its efforts to simplify its operations and manage costs efficiently. To assist in the development of the turnaround plan, Interpath Advisory has been engaged by the board of directors.

The initial report by Sky News had mentioned Interpath’s involvement in a potential CVA. However, Joules disclosed that it is also assessing its ongoing financing needs, including the possibility of raising equity, in order to strengthen its balance sheet. The company is receiving support from KPMG regarding its medium-term funding.

Joules plans to release its financial results for the year ending 31 May 2022 in November, providing further information on its performance and the progress made under its new leadership team. Given the speculation in the market about a potential CVA, stakeholders will be eager to learn about the company’s recovery plans and how it intends to overcome its current challenges.

Useful links:
Joules Official Website
KPMG Official Website