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Joules auditor Deloitte probed by watchdog following collapse

Joules store front

Joules auditor Deloitte is being investigated over how it evaluated the finances of the collapsed fashion retailer.

The Financial Reporting Council (FRC) revealed today (9 May) it has opened an investigation into the auditing of the British fashion company for the year ended 30 May 2021.

Joules called in administrators from Interpath Advisory in November last year, following failed talks with investors about raising new funds.

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The retailer was bought out of administration by high street giant Next in December in a £34 million deal, saving over 1,500 jobs across its stores and head office.

Joules had issued profit warnings in summer last year, and owed over £100 million to creditors when it failed in November 2022.

However, in the year ended 30 May 2021, the British retailer saw a 4% rise in revenues to around £199 million, compared with £190.8 million in 2020.

Recently, Next unveiled plans to launch Joules “much earlier than expected” this October.

Initially planned to relaunch in March next year, the high street giant said it has made “significant progress in reducing the lead times” for the platform, resulting in an earlier launch of its Total Platform (TP).

Image credit: Shutterstock

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