A NATIONAL fashion brand with a store on Worcester's High Street has gone into administration.

Joules have confirmed that approximately 1,600 jobs are under threat after the fashion retailer revealed it is set to appoint administrators following a failure to secure a vital cash injection.

The brand – famous for its posh wellies – said talks over an emergency cash call with investors, including its founder Tom Joule, were unsuccessful and have ended.

It said it would file a notice of intention to appoint Interpath Advisory as administrators to the firm and its subsidiaries, including online home and garden retailer The Garden Trading Company, “as soon as reasonably practicable”.

READ MORE: Fire engines on Tolladine Road near Altafs Restaurant

The Worcester store is located at 91 High Street, adjoining Copenhagen Street.

Joules said: “The board is taking this action to protect the interests of its creditors.”

The firm will suspend trading of its shares on the stock market due to the decision, adding that further announcements will be made “in due course”.

It is expected to formally appoint administrators in the next five to 10 working days but stressed that its stores and websites are continuing to trade as normal.

The Leicestershire-based chain has over 130 shops and was founded in 1989, selling clothing on a stand at a country show.

Next had been in talks with Joules over a deal to buy a minority stake in the business, but discussions between the two collapsed in September.

Joules then revealed it was in talks over a so-called cornerstone equity raise with strategic investors including Mr Joule – who recently returned to the firm in an executive position as product director.

READ MORE: Two foxes filmed in the pub garden of The Alma Tavern

It was also holding discussions with Mr Joule and its lender over a possible bridge financing deal to allow the funding talks to continue, but failed to secure the crucial strategic investment needed.

At the same time, the group was considering the option of a company voluntary arrangement (CVA) – which typically involves a firm agreeing delayed or reduced payments to landlords or other creditors – as part of a restructuring to turn around its fortunes.

It has suffered a slump in shares over the past year following profit warnings amid soaring costs and a downturn in consumer spending.