Administrators shut 19 Joules shops and 113 lose jobs after Next and founder Tom Joules buy-out

Administrators will shut 19 Joules shops after the fashion brand was bought in a rescue deal by rival retailer Next and founder Tom Joule.

Next said it plans to continue to run around 100 of brand’s 124 stores.

The deal will see Next own a 74% stake in the business – famous for its posh wellies – with Mr Joule owning the remaining 26%.

The company drafted in administrators last month after failing to secure emergency funding following a surge in costs and slowdown in customers demand.

Mr Joule said the business needs to “recapture” the imagination of its customers again after it was announced he was teaming up with Next in a rescue deal for the clothes retailer.

Mr Joule 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.”

The administrator who agreed the deal with Next said that he had been shown support from employees and suppliers during the process.

Will Wright, head of restructuring at Interpath Advisory, 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.”