Joules Group plc Acquisition of Joules by NEXT Plc and Tom Joule (3055I)

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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 GBP34m. In addition, Next has acquired the current Joules Head Office for GBP7m 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: [phone] 
 Jonathon Brown, CEO 
 Hudson Sandler (PR)         [e-mail] 
  Alex Brennan/Lucy Wollam    Tel: [phone] 
 

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

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December 01, 2022 08:30 ET (13:30 GMT)