Could Doncaster motor dealer Stoneacre step in as fashion retailer Joules nears collapse?

The move comes after Doncaster motor dealer magnate Richard Teatum has spent the last few months buying up millions of pounds of shares in the firm.

Earlier this month, the Stoneacre boss upped his stake in the firm to 9.9% after snapping up £900,000 worth of shares just a few weeks previously.

The Leicestershire-based company, which has 132 shops, said it was making the move after talks with potential investors failed to secure extra funds.

Joules Group also said it was suspending trading in its shares.

Joules was founded by Tom Joule, and started out selling clothes at country shows in 1989.

Mr Joule said he had started the firm with "one man, one tent and a lot of enthusiasm", finding a niche in the market when he realised there was a demand for colourful clothing amid the standard tweeds worn to such events.

As well as the Joules stores and online business, the Joules Group also runs the online-only Garden Trading Company.

Last week, Joules said that recent trading had been weaker than expected. It said this largely reflected "the challenging UK economic environment which has negatively impacted consumer confidence and disposable income".

It also said that sales of "outerwear, wellies and knitwear" had been hit by milder-than-expected weather.

Joules said last week that the company was in "advanced discussions" with a number of strategic investors, including its founder Tom Joule, but on Monday it said these had failed.

The company said it had resolved to file a notice of intention to appoint administrators "as soon as reasonably practicable".

"The board is taking this action to protect the interests of its creditors," it added.

Joules Group listed its shares on London's junior stock exchange market Aim in 2016, and at the time was valued at £140m.

Earlier this month, Mr Teatum said: 'I think it is a good investment, it has potential and could go forward. I might buy a little more, yet.'

At the time of his £900,000 investment he said Joules was 'massively undervalued' and that it would be a 'fantastic investment'.

He said: 'I have been to the head office and met them, I think it's a great set up.'