In a statement this morning (11 July), Joules says as set out in its May trading update, the group continues to focus on improving profitability, cash generation and liquidity headroom. As such it has appointed KPMG debt advisory to assist in the process.

“As at 29 May, the group had net debt of GBP21.4m, giving GBP11.3m headroom within its banking facilities, in line with the board’s expectations. Whilst the group continues to manage its cash resources carefully over its seasonal borrowing peak, it expects to have sufficient liquidity to manage its working capital requirements over this time,” Joules says.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

It adds the company is making good progress against previously announced key initiatives aimed at simplifying the business and optimising the cost base to improve long-term profitability.

“This includes implementing significant changes to its wholesale operations to focus on fewer, profitable wholesale accounts and improving and simplifying the group’s end-to-end product process to reduce costs and shorten lead times.”

Joules’ comments come after a report published by The Sunday Times yesterday claimed the group is seeking a cash lifeline amid the cost-of-living crisis.

See Also:

In its May update, Joules said it is making “good progress” against its strategic plans to simplify the business and optimise its cost base, including lowering its leverage on a China supply base and reducing its wholesale model.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In the 4 May filing, the group also announced the departure of its CEO Nick Jones.