Joules acquired out of administration by Next

The deal with see the high street retailer own 74% of equity with the remaining 26% owned by Joule. The company intends to operate 100 of the current 124 stores in the UK and Ireland, with 19 closed by the administrator today (1 December).  

Jonathon Brown – who was appointed chief executive of Joules in 2022 – will remain in that role. 

Next’s chief executive Simon Wolfson said: "We are excited to see what can be achieved through the combination of Joules’ exceptional product, marketing and brand building skills with Next’s Total Platform infrastructure."  

Joule added: "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 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.” 

Will Wright, head of restructuring 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.  

“To have achieved this in such a short timetable is testament to the support we’ve received from employees, suppliers and other key stakeholders throughout the administration process, so we’d like to express our profound thanks to everyone involved.”