Joules still considering CVA, equity raise
By Michele Maatouk
Date: Monday 10 Oct 2022
(Sharecast News) - Clothing retailer Joules said on Monday that it is still considering a company voluntary arrangement (CVA) as part of its financing options.
Responding to recent media reports, the company said it continues to make good progress in developing its turnaround plan and on its simplification agenda and cost management process.
"As previously announced, the group continues to assess its ongoing financing requirements, including a possible equity raise, to allow the company to strengthen its balance sheet and provide a strong platform to support the turnaround plan," it said.
"Whilst this remains the board's focus, the company also continues to consider a range of other potential options which may be available to it, where a CVA is one of a number of such alternatives, and notes it has not determined if such alternatives are required."
The retailer said a further announcement will be made if and when appropriate.
A CVA is an insolvency process that allows a company to pay creditors over a fixed period.
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