High street fashion chain Joules is set to collapse into administration, potentially putting dozens of jobs at its Norfolk stores at risk. 

The retailer has around 1,600 staff and about 130 stores across the country, including shops in Norwich, Holt and Wells-next-the-Sea. 

It is famous for its posh wellies, as well as for selling clothes and homeware inspired by the British country lifestyle. 

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

Joules said talks over an emergency cash-call with investors, including its founder Tom Joule, were unsuccessful and have ended. 

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

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

After the announcement, Mr Joule, who launched the brand in 1989, apologised to staff and customers for the "unsettling" news. 

He said it was "a deeply disappointing day for Joules, and a sad day for me personally".

Mr Joule, who recently returned to the firm as product director, added: "Over the last two months I have been back working as part of the new executive leadership team to simplify the business and improve operations.

"While we have made significant progress during this period, regrettably we simply could not make the required changes to the model quickly enough in this challenging environment."

The firm is expected to formally appoint administrators in the next five to 10 working days, but Mr Joule stressed it was "business as usual right now" with the stores and website continuing to trade as normal.

Earlier this month, Joules announced that it would be returning to the Big Sale at the Norfolk Showground from December 2 to 4, which will allow shoppers to pick up clothes and shoes at bargain prices.