REG - Joules Group plc Next PLC - Acquisition of Joules by NEXT Plc and Tom Joule

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01/12/2022 13:30

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RNS Number : 3055I  Joules Group plc  01 December 2022

 

Joules Group Plc

("Joules")

Acquisition of Joules by NEXT Plc and Tom Joule

 

Joules, the premium British lifestyle brand, confirms that its Founder Tom
Joule has partnered with NEXT Plc ("Next") to acquire the majority of assets
of Joules via a newly formed company (the "Company") out of administration for
a total cash consideration of £34m. In addition, Next has acquired the
current Joules Head Office for £7m cash.

Next will own 74% of the equity of the Company, with the remaining 26% owned
by Tom Joule.

Tom Joule, Joules Founder, said: "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. 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."

 

 

 Enquiries:

 Joules Group plc           Tel: +44 (0) 1858 435 255
 Jonathon Brown, CEO

 Hudson Sandler (PR)        joules@hudsonsandler.com (mailto:joules@hudsonsandler.com)

 Alex Brennan/Lucy Wollam   Tel: +44 (0) 20 7796 4133

 

Joules - a premium lifestyle group with an authentic British heritage

Joules is a premium lifestyle brand and group with an authentic heritage and
values of family, fun and joy in the countryside.

Joules creates and curates exceptional products that brighten the lives of its
customers, delivered through leading digital platforms and supported by
enticing experiences and stores that are located in desirable locations
relevant to the Joules customer's lifestyle. 

The Joules story began in 1989, when Tom Joule started selling clothing on a
stand at a country show in Leicestershire. Today, the business designs and
sells Joules-branded clothing, footwear and accessories for women, men and
children as well as collections of homeware, toiletries, lifestyle and pet
product ranges that are carefully designed and developed through selected
licensing partnerships. Each collection comprises Joules' distinctive use of
humour, colour and unique prints, each of which is hand-drawn by the brand's
talented in-house print design team at its headquarters in Market Harborough,
Leicestershire.

www.joules.com (https://www.joules.com/)
 

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