More than 50 jobs saved as subsidiary of Joules Group is rescued from administration

TIM Group Holdings (TGH) will work with the current management team at The Garden Trading Company to continue to deliver home and garden products.

TGH, which was founded by Yorkshire entrepreneur Tim Whitworth, is a private equity house that uses independent capital to invest in and partner with businesses of varying sizes.

Mr Whitworth, who is the managing partner, said: “We are delighted to have the opportunity to work with a business with such great history and provenance, along with an unrivalled product range. We are extremely impressed by the management team and have great confidence in supporting and investing in their future.”

Ryan Grant and Will Wright from Interpath Advisory were appointed joint administrators to The Garden Trading Company on November 16 2022.

Founded in 1994, The Garden Trading Company develops products for consumers and some of the world's biggest retailers.

Laurie Houghton, managing director of The Garden Trading Company, said: “I’m delighted that TIM Group Holdings shares our vision and commitment to both our customers and our team to support our ambitious plans in growing both the brand and product range in the future.”

Ryan Grant, managing director at Interpath Advisory and joint administrator, said: “The Garden Trading Company had grown rapidly to become a leading retailer of distinctive garden and homewares, so we’re pleased to have achieved this outcome which ensures the business will continue to trade, and which safeguards over 50 jobs. We wish the management team and TGH all the very best for the future.”

The Garden Trading Company was advised on the legal aspects of the deal by Eversheds Sutherland. The buyer, TGH was advised by Freeths LLP.

Earlier this month, it was revealed that Joules will shut 19 shops and axe 133 jobs after it was bought by retail rival Next and founder Tom Joule.

Next said it plans to continue to run around 100 of Joules’s 124 stores and transfer around 1,450 shop and head office workers.

The deal will see Next own a 74 per cent stake in the business, with Tom Joule owning the remaining 26 per cent.

The company drafted in specialists from Interpath Advisory last month after failing to secure emergency funding following a surge in costs and slowdown in demand.

Next and Tom Joule beat competition from South African firm Foschini Group, which owns the Whistles and Phase Eight brands. Joules has been bought for £34m, with Next also snapping up Joules’s head office in Market Harborough for £7m.

Chief executive officer Jonathon Brown will continue to lead Joules, with Next stressing that the brand will retain management autonomy.