Joules faces bill of over £100m following Next rescue

22nd June 2023 | Jack Oliver

Joules still reportedly owes over £100m to suppliers, lenders, and customers following its rescue by Next.

The retailer’s administrators’ progress report has revealed that unsecured creditors are still owed some £112m, according to The Times.

Clothing and fabric suppliers are reportedly owed a further £38.6m while associated property companies have been left short-changed by £3.8m.

Customers who hold gift cards are also out-of-pocket by £1.3m, while the remaining debt is owed to other companies and creditors.

The report revealed that those affected will receive just a fraction of what they are owed.

In late 2022, Next announced that it had struck a £34m deal to rescue the retailer out of administration, after it failed to secure emergency investment.

It is estimated that around 100 stores and 1,450 jobs were saved.


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