Jules B, a high-end fashion retailer based in Newcastle, is exploring the possibility of implementing a company voluntary arrangement (CVA) in order to revamp its operations and attract investment. The company, which primarily operates online but also has five physical stores in the North East, has sought the assistance of KSA Group to navigate its financial difficulties. While the potential CVA would be an alternative to administration, its impact on the physical stores is yet to be determined, as negotiations with landlords are still ongoing.
Should Jules B fail to reach agreements with its landlords, co-founder and managing director Julian Blades has hinted at the possibility of store closures. However, both Blades and co-founder Rhona Blades have expressed their determination to continue trading and are actively seeking new investors. This recovery plan comes as a response to a challenging year for Jules B, which not only faced economic hardships but also fell victim to a cyberattack in September that led to a loss of online sales for a period of two weeks.
In a surprising move, Julian Blades has disclosed that he and his wife are actually the largest creditors of Jules B Ltd, owed a substantial £1.2 million. However, as part of the restructuring process, they are willing to forego this amount. Presently, the company has a workforce of 55 employees and operates from a central head office, a warehouse, and additional storage space all located in Newcastle.
Useful links:
1. Jules B Official Website
2. KSA Group Official Website
