A home furnishings retailer in the UK, Julian Charles, has filed a notice of intent (NOI) to appoint administrators, granting it ten business days' protection from creditor action. The filing by parent company Rectella was submitted to a Birmingham court on Wednesday, a move often preceding a buyout or debt restructuring.
Photo: Julian Charles.
The NOI followed secured lending received from Jacquard Capital, an affiliate of Baaj Capital, positioning the West Yorkshire investment firm as a potential buyer. Baaj Capital, led by Jas Singh, owns multiple furniture retailers, including Crazy Price Beds. Singh has not yet commented on the situation.
Late on 27 February, the Julian Charles website was taken down and replaced with a holding page stating it would be "back up and running soon." It remains unclear whether the business has entered administration or if an asset sale has already taken place. The name of the restructuring advisor has not been disclosed.
Rectella was previously backed by SKG Capital until spring 2024, when it was privately acquired by Graeme Monce, a partner at investment firm Heligan. Monce left Rectella's board late last year, replaced by Heligan Capital's Jon Whitbread, who has yet to comment.
As of April 2024, Julian Charles operated 80 stores and concessions across the UK. By the same date, it had reduced its net loss to £531,549, with revenue rising 7% to £18.9 million. However, net liabilities stood at £1 million.
The retailer's future remains uncertain as discussions over a potential rescue or restructuring continue.
Source: www.thefurnishingreport.com