Fashion retailer Joules was nearly £114m in the red when it collapsed last month.

Joules, which called in administrators in November and was subsequently acquired by Next and founder Tom Joule, owed money to trade creditors, gift card holders and HMRC among others, Business Insider reported based upon documents filed at Companies House.

Joules’ trade creditors include a software company, which is owed £345,000, a Deloitte branch in Hong Kong, owed £300,000, and a raft of property companies and landlords, which are owed hundreds of thousands of pounds.

The figures were revealed in Joules’ ‘statement of affairs’, which also reported that Joules Ltd owed HMRC £3.86m, while around £1.3m was owed to gift card holders.

Joules had assets of approximately £22m available to pay preferential creditors when administrators were brought on board.

Next and Joule acquired the “majority of assets of Joules” through a newly formed company for £34m at the start of this month. 

The deal included 100 Joules branches and preserved the jobs of 1,450 employees in those shops and at head office.

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