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TFG said to be protesting Next’s acquisition of Joules

By Rachel Douglass


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Image: Joules AW21

The Foschini Group (TFG), a South African retail conglomerate that was in the line up of Joules bidders, has reportedly filed a complaint after it missed out on snapping up the troubled British brand.

According to Sky News, the group, which operates the likes of Phase Eight and Hobbs, has written to Joules’ administrators Interpath Advisory after its bid for the company was trumped last minute by Next.

In its letter, the firm is said to have protested Interpath’s decision to sell to Next, which took over Joules in a transaction worth up to 34 million pounds.

The publication added that TFG could also be considering filing a formal complaint with the Institute of Chartered Accountants in England and Wales regarding Interpath’s conduct.

An insider further noted that TFG was understood to have written to lawyers working on the sale suggesting they may have breached rules overseen by the Solicitors Regulation Authority.

The company is reportedly seeking to recover the costs it incurred on its failed bid to buy Joules.

A spokesperson for Interpath told the media outlet: "We stand by the process which was run and reject any notion of unfairness.

"TFG were granted a period of exclusivity in which they had the opportunity to conclude a transaction. Despite our best efforts, they were unable to do so within this timeframe.

"Thereafter, a materially better offer for the business was received, which the joint administrators concluded represented the best outcome for the Company's creditors.

"In line with their statutory duties, they accepted this offer and went on to conclude the transaction in short order, improving the outcome for creditors and preserving circa 1,400 jobs and over 100 stores."

Foschini Group