Next buys Joules out of administration for £34 million

Source: Mintel 02-12-2022

Next has bought Joules out of administration for £34 million, in partnership with the brand’s founder Tom Joule. Next will own 74% of the venture, with the remaining 26% held by Joule. This will see 100 stores be kept open, saving almost 1,500 jobs across stores and head office.

Next said that Joules will retain its “management autonomy and creative independence”, with the plans to bring the brand onto its Next Total Platform in early 2024. Next will run its online and warehousing operations.