The South African owner of British high street brands including Phase Eight (Fashion & Designs) Limited (Phase Eight) and Hobbs Limited is exploring a bid to take control of Joules Group Plc (AIM:JOUL), the fashion retailer whose collapse this week put 1,600 jobs at risk. The Foschini Group Limited (JSE:TFG) was in discussions with Joules for several weeks prior to it calling in administrators about investing in the business in return for a substantial stake. Retail industry sources said that its UK arm, Tfg London Limited, was now examining whether it could take control of Joules from Interpath Advisory, the insolvency practitioner.

TFG, which also owns the Whistles women's fashion brand, is likely to face tough competition to secure a deal for Joules. Next, Mike Ashley's Frasers Group and Marks & Spencer are all expected to be among the interested suitors for a business which suffered a calamitous decline in value on the London stock market this year. Joules had been in talks with Next about a strategic investment earlier in the autumn but the two sides were unable to agree the terms of a deal as the smaller company's share price continued to sink.

TFG did not respond to a request for comment, while Interpath declined to comment.