Next has purchased collapsed fashion retailer Joules in partnership with Tom Joule, the brand’s Founder for £ 34 million, saving 1450 Jobs.According to the terms of the agreement, 19 outlets would close right away in addition to the acquisition of Joules’ corporate office in Leicestershire resulting in 133 job losses. Tom Joule will own the final 26 per cent of the company, giving Next 74 per cent of ownership.
Notably, Next Total Platform will run Joules’ offline and online activities in the UK and overseas, and operations are scheduled to be launched in early 2024. For Joules’s retail, franchise, wholesale and concession operations, Next will additionally offer warehousing and distribution services.
Will Wright, Head of Restructuring at Interpath Advisory and Joint Administrator said, “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.”
He further added, “To have achieved this in such a short timetable is a testament to the support we’ve received from employees, suppliersand other key stakeholders throughout the administration process, so we’d like to express our profound thanks to everyone involved.”
Though most of Joules staff will remain in the business including Jonathan Brown who was appointed CEO of Joules in August 2022,Founder Joule will, upon the completion of the acquisition, take the initiative of re-establishing the brand and product’s identity.
Simon Wolfson, Next’s Chief Executive said: “We are excited to see what can be achieved through the combination of Joules’s exceptional products, marketing and brand-building skills with Next’s Total Platform infrastructure.”
On the Acquisition, Joule said, “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. Our customers have always trusted us to lead, not follow, with products that reflect their lifestyles. 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 has been so central to Joules’ success.”
