Retailer Joules is mulling a CVA after warning that it may default on a bank loan at the end of this month.
The upmarket wellies and waterproofs store said it needed to raise a bridging loan to repay a £5m facility that falls due at the end of November. It has appealed to Barclays and its founder Tom Joule to secure short-term finance.
The bridging loan is needed to give it time to push ahead with a company voluntary arrangement to cut its rent bill.
Joules has 130 stores across the UK.
