Next boss Simon Wolfson teams up with founder to rescue stricken Joules

Next bought Joules from administration in a bailout saving 1,450 jobs and 100 high street stores.

The retail giant teamed up with Joules founder Tom Joule, who founded the collapsed ‘yummy mummy’ fashion company in 1989, to secure the £34 million deal.

But 24 stores are closing – 19 immediately – with the loss of about 150 jobs.

Next, run by Lord Simon Wolfson, will own 74 percent of the company, with the remainder owned by Joule.

Wolfson has picked up parts of the High Street in recent years, including pieces from Reiss, Gap UK, Victoria’s Secret and Jojo Maman Bebe, and rolled out the brands on Next’s powerful Total online shopping platform.

Next also has a partnership with Laura Ashley to sell home products online and in stores.

Last month, Next bought collapsed online furniture retailer Made out of administration for £3.4 million.

The deal for Joules followed weeks of wrangling over the boots and country clothing store, which went bankrupt last month after it failed to repay a bank loan.

It has issued a series of profit warnings due to massive increases in shipping and other costs. He then defeated rivals thought to be Mike Ashley’s Frasers Group and Hobbs owner The Foschini Group.

It immediately closed 19 stores but said it would keep about 100 of its 124 stores open.

It will also retain 1,450 of Joules’ 1,600 employees, averting a feared spate of layoffs in the run-up to Christmas.

Next also bought Joules’ headquarters for £7 million in a huge boost to Market Harborough in Leicestershire, where Joules was founded in 1989.

Joule said the deal protects staff, customers and the city where the company is founded. He said, “After three years away from the operational side, I’m really looking forward to inspiring teams with a clear direction to rekindle and recapture the customer’s imagination.”

Next was in talks with Joules this summer about a £15 million investment in return for a 25 per cent stake, but that fell through.

Wolfson said, “We are excited to see what can be achieved by combining Joules’ exceptional product, marketing and brand building skills with Next’s Total Platform.”

Next one shares were up 0.7 percent, or 40p, yesterday to 5814p.