December 2, 2022 10.22 am This story is over 30 months old

Next agrees £34m rescue package for Joules, saving Lincolnshire stores

Lincolnshire will keep its Joules stores after the takeover
Joules moved to Lincoln's Cornhill Quarter in late 2021 and will stay open thanks to Next's takeover of the retailer. | Photo: The Lincolnite
By Local Democracy Reporter

Clothing retailer Joules has been saved from administration by industry giant Next, ensuring that all the Lincolnshire stores will stay open.

Joules fell into administration after reduced footfall and a failed bid for potential investors to come on board, leaving some 1,600 jobs up in the air.

After suggestions that South African retail conglomerate The Foschini Group, which also owns Hobbs, Whistles and Phase Eight, would be interested in a takeover – Joules has now been rescued by another retail titan.

Next has agreed a £34 million deal for the Joules brand, seeing Next take a 74% stake in the business and leaving the other 26% to Joules’ original owner and founder Tom Joule.

| Photo: The Lincolnite

Around 100 Joules stores will be kept open thanks to this takeover, including the branch at Lincoln’s redeveloped Cornhill Quarter. There are also Joules stores in Stamford and Spalding.

A total of 19 stores will have to close immediately as part of the takeover deal, though none of the locations are in Lincolnshire.

The plan is for Next to operate the Joules website and sell Joules-branded clothing through its e-commerce platform from 2024.

News of the takeover will be a welcome relief to the staff at the Joules stores, but also the customers who were fearing yet another High Street casualty during the tough cost of living crisis.

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