The parent firm of fashion retailer Joules - which includes a branch in Hitchin town centre - has warned the company is on the verge of collapse, which could put 1,600 jobs at risk, including in our area.

Joules Group revealed it was to file a notice of intention to appoint administrators after failing to secure new cash funding - with Hitchin's branch on Bancroft under threat.

Hitchin Nub News contacted Joules in September to inquire if the company - and our town's branch - was safe, after a strong tip off from a City contact that the company was in danger, yet we were given the firm assurance that month that: "We can confirm that Joules has no plans to close this branch [in Hitchin]."

Whether the company was being disingenuous, or was simply incorrect in their claim, remains to be seen - however the sad news appears to be that Joules in Hitchin and across the country may not be trading for much longer.

In an official statement released today, Monday (November 14) Joules Group said: "The company announced it was in advanced discussions with a number of strategic investors to provide a cornerstone investment in an equity raise process.

"The company also announced it was in discussions regarding a bridge financing proposal in order to enable continued progress to be made with the re-financing plans referred to above.

"The board confirms these discussions with various parties have not been successful and have now terminated."

The brand had held emergency talks with investors after warning it may not be able to repay a £5million loan by the end of the month.

Joules Group, founded by Tom Joule in 1989, has also requested that shares in the company are suspended this morning.

The notice to appoint administrators does not mean the company has collapsed just yet - but is heading toward administration. And given previous High Street businesses that have gone down that rocky route, sadly the future does not look promising for Joules and its loyal, hard-working staff up and down the land, including Hitchin.