The joint administrators of Joules Group plc and Joules Limited have sold the majority of the business and assets to a newly formed company which is a joint venture set up by NEXT and Joules founder Tom Joule.
In addition, NEXT has acquired the Joules head office in Market Harborough.
The new company has acquired around 100 Joules stores, with approximately 1,450 employees across these stores and head office transferring as part of the transaction.
19 stores are not part of the transaction and will be closed with immediate effect. 133 redundancies have therefore been made.
Will Wright, Ryan Grant and Chris Pole from Interpath Advisory were appointed joint administrators of Joules Group plc and Joules Limited on 16 November 2022.
Will Wright, head of Restructuring at Interpath Advisory and joint administrator, said: “Following a highly competitive process, 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.”
