British clothing company Joules has announced it was in advanced discussions with a number of strategic investors to provide a cornerstone investment in an equity raise process. The company also announced it was in discussions regarding a bridge financing proposal in order to enable continued progress to be made with the re-financing plans referred to above. The Board confirms these discussions with various parties have not been successful and have now been terminated.

Therefore, the board of Joules has resolved to file a notice of intention to appoint Will Wright, Ryan Grant and Chris Pole of Interpath Advisory Limited as administrators to the company and Joules Limited, and Will Wright and Ryan Grant to The Garden Trading Company Limited and Joules Developments Limited as soon as reasonably practicable. The Board has announced that it has requested a suspension of trading in the company's ordinary shares.