TROUBLED fashion-to-homewares retailer Joules has this morning announced its intention to call in administrators.

The upmarket company, known for its wellies and country-style clothing, said in a statement to the city that talks with strategic investors aimed at securing a cornerstone investment in an equity raise, and discussions regarding a bridge financing proposal to allow it to continue attempts at refinancing, have not been successful.

With those talks now terminated, it was announced that the board 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”.

Joules said it was taking the action to protect creditors. Trading in Joules’ shares has now been suspended.

Joules’ failure comes amid a cost-of-living crisis that has undermined consumer confidence and created challenging conditions for retailers. It comes just days after Made.com, the online furniture retailer, collapsed into administration, with its brand and intellectual property acquired on the same day by Next for £3.4 million. Next did not take on any staff, meaning hundreds of jobs at Made.com were likely to go.