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Joules has confirmed that its founder Tom Joule has partnered with Next Plc to acquire the majority of assets of Joules via a newly formed company out of administration for a total cash consideration of £34m.
Will Wright, Ryan Grant and Chris Pole from Interpath Advisory were appointed joint administrators of Joules Group plc and Joules Limited, and were responsible for completing the deal.
In addition, Next has acquired the current Joules Head Office for £7m cash.
Next will own 74% of the equity of the new company, with the remaining 26% owned by Tom Joule.
It is thought that Phase8 owner Foschini was close to agreeing a deal, before Next swooped in at the last minute to complete the acquisition.
Tom 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 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.
He added: “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.”
