Troubled brand’s founder comes to the rescue after all.
Joules’ founder Tom Joule and Next Plc have acquired Joules out of administration for a total cash consideration of £34 million.
Next will own 74% of the equity of a newly formed company, with the remaining 26% owned by Tom Joule.
Next has additionally acquired the current Joules head office in Market Harborough for £7m cash.
"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,” said Tom as the acquisition was announced last Thursday (1 December).
“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."
Joules called in administrators in November after failing to secure emergency funding.
Tom Joule founded the brand in 1989. Joules went public in 2016.