British lifestyle group Joules has said that under its new leadership team, led by Jonathon Brown and supported by Tom Joule in an executive capacity as product director, is making good progress in developing its turnaround plan.
The company was responding to media speculation that it is considering an insolvency procedure.
Joules said in a statement that the plan focuses on driving higher profitability through a better pricing and promotional strategy; focusing on more profitable product categories with shorter time to market; and optimising the group's channel mix.
Joules responds to media speculation
Interpath Advisory is assisting the company’s board with the development of this turnaround plan.
“The group also continues to assess its ongoing financing requirements, including a possible equity raise, to strengthen its balance sheet and KPMG continues to support the group on its medium-term funding,” it said.
Earlier this month, the company announced that its discussions about Next plc acquiring a potential 15 million pounds equity stake in the group have ceased.
Joules intends to announce its results for the year ended May 31, 2022 in November.