Joules Group PLC (AIM:JOUL) said it plans to appoint administrators and has therefore requested its shares be suspended from trading after it was unsuccessful in raising equity.
The clothing and homeware company, which has around 1,600 staff, announced last week that it was in advanced discussions for a cornerstone investment and a bridge financing proposal.
However, it said today that these discussions with various investors were unsuccessful.
As a result, it has resolved to file a notice of intention to appoint Will Wright, Ryan Grant at Chris Pole of Interpath Advisory Limited as administrators.
Joules said it is taking this action to protect the interest of its creditors.