Administrators Conclude Sale Of Joules to Next & Tom Joule

The joint administrators of Joules have confirmed the sale of 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.

The deal, worth £34m, will also see the Leicestershire-based fashion retailer Next acquire the Joules head office on Rockingham Road in Market Harborough.

Around 400 staff employed at the HQ will transfer to the new company, as will employees at around 100 Joules stores, which have been acquired as part of the deal.

It total approximately 1,450 jobs have been safeguarded.

Cllr Phil King, Leader of Harborough District Council, spoke to HFM:

Joules Head Office in Market Harborough

Harborough MP Neil O’Brien has given his reaction to the announcement:

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.”

19 stores are not part of the transaction and will be closed with immediate effect, with 133 redundancies, although the Joules shop in Market Harborough will remain open.

40 redundancies were made at the Market Harborough head office during the administration process.