Newcastle-based fashion retailer Jules B is currently facing financial difficulties and is exploring the option of a company voluntary arrangement (CVA) to restructure its business. In order to navigate through these challenges, the online-focused retailer has sought the assistance of turnaround specialist KSA Group. The impact of a potential CVA on Jules B’s five stores in the North East, including possible closures or a transition to turnover-based rent, is still uncertain as negotiations with landlords are ongoing.

Julian Blades, the co-founder and Managing Director of Jules B, has emphasized the potential inevitability of store closures if agreements cannot be reached with landlords. However, both Julian and co-founder Rhona Blades are committed to keeping the business running and are actively seeking new investors. This proposed recovery plan follows a difficult trading year for Jules B, which was further impacted by a cyberattack in September that led to a loss of online sales for a two-week period. Despite the challenges they face, Julian Blades has stated that he and his wife are the largest creditors, with Jules B owing them £1.2 million. However, they are willing to forgo this debt as part of the restructuring process.

At present, Jules B employs 55 individuals and operates from a central head office, warehouse, and additional storage facility in Newcastle. As the company explores the CVA option, it is hoped that a successful restructuring can secure the future of Jules B and its employees.

Useful links:
1. KSA Group: The official website of the turnaround specialist KSA Group, which Jules B has enlisted to assist in its restructuring process.
2. Jules B: The official website of Jules B, providing information about their fashion retail offerings and updates on their current challenges.