NEXT has partnered with Tom Joule to acquire out of administration the majority of the assets of Joules via a newly formed company for £34 million to be settled in cash.
In addition, Next has acquired the current Joules head office for £7 million.
It intends to continue to operate a significant number of stores (around 100 of the current 124 Joules’ stores) in the UK and Ireland (subject to agreeing terms with landlords). However, 19 stores will be closed by the administrator today (1 December).
Next will own 74% of the equity with the remaining 26% owned by Tom Joule.
Joules will retain its management autonomy and creative independence.
Joules’ websites and online operations, both in the UK and overseas, will be operated by Next through its Total Platform which will also provide warehousing and distribution services for Joules’ retail, franchise, wholesale and concession businesses, all of which will continue to be operated by Joules.
It is anticipated Joules will go live on Next’s Total Platform in early 2024.
Jonathon Brown, ceo of Joules, will also remain in his role.
“After three years away from the operational side, I’m truly looking forward to inspiring teams with clear direction to excite and recapture the imagination of the customer again,” commented Tom Joule. “Our customers have always trusted us to lead, not follow, with products that reflect their lifestyle. It’s important that we live up to the high standards they desire in design, quality and, with Next’s Total Platform delivery and customer support proposition, the service they expect.
“I’m so pleased that we have been able to strike a deal that protects the future of the company for all its loyal customers, its employees and also for the town of Market Harborough, which have been so central to Joules’ success.”
Will Wright, head of testructuring at Interpath Advisory and joint administrator, added: “We are pleased to have concluded this transaction which secures the future of this great British brand, as well as safeguarding a significant number of jobs.”
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