Next buys Joules from administration

Retail group Next has joined forces with the founder of troubled chain Joules to buy the business from administration. Next and Tom Joule will pay £34m for “the majority” of Joules’ assets, the company said in a stock exchange statement, with Next paying a further £7m for Joules’ head office in Market Harborough. The company said it plans to continue to operate around 100 of Joules’ 124 stores, subject to agreeing terms with landlords. Nineteen stores will be closed by administrator Interpath Advisory today (1 December). Next will own 74% of the new company holding Joules, with Tom Joule holding the remaining 26%. Next said the business will “retain its management autonomy and creative independence”, with its own board of directors. Jonathon Brown will continue as chief executive. Joules entered administration earlier this month. The company had been hoping to sell a stake to Next for £15m after announcing a profit warning. Announced store closures: Carmarthen Cheltenham Chichester Edinburgh Exeter Gateshead Lyme Regis Newbury Northcote Road, south London Oxford Peak Village, Derbyshire Peterborough Reigate Salcombe Fore Street Sherborne Southwold Little Joule St Davids Waterloo station Watford To send feedback, e-mail tim.burke@eg.co.uk or tweet @_tim_burke or @EGPropertyNews Image © Maureen McLean/Shutterstock