Joules considering CVA

Joules has confirmed it is considering a CVA as it struggles to turn around its fortunes. The clothing and lifestyle retailer, which has 132 stores across the UK, said it “continues to make good progress in developing its turnaround plan”. Joules said it “continues to assess its ongoing financing requirements, including a possible equity raise” to support the plan. However, the retailer said: “While this remains the board’s focus, the company also continues to consider a range of other potential options.” The retailer confirmed that a “CVA is one of a number of such alternatives,” although it “notes it has not determined if such alternatives are required”. The retailer is working with Interpath Advisory on its options for a turnaround. In July, Joules called in advisers at KPMG to assist with boosting its cash position. Next was previously in talks to buy an equity stake in the retailer, before discussions collapsed last month.   To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews Image © Maureen McLean/Shutterstock