Jobs are saved as brand bought out of administration

Tayside and Fife branches of fashion brand Joules have been saved after the firm was bought out of administration.

Joules has been acquired by retail rival Next and founder Tom Joule.

The fashion brand operates shops in St John Street in Perth and Bell Street in St Andrews.

Next said it plans to shut 19 shops across the UK, with the loss of more than 130 jobs. However, about 100 stores – including the two in Tayside and Fife – will remain open, with 1,450 jobs saved.

The deal will see Next own a 74% stake in the business, with Tom Joule owning the remaining 26%.

The company drafted in experts from Interpath Advisory last month.

The firm failed to secure emergency funding following a surge in costs and slowdown in demand.

Tom 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.

“I’m so pleased that we have been able to strike a deal that protects the future of the company.”

Next chief executive Lord Simon Wolfson said: “We are excited to see what can be achieved through the combination of Joules’ exceptional product, marketing and brand building skills with Next’s Total Platform infrastructure.”

Meanwhile Will Wright, joint administrator and head of restructuring at Interpath Advisory, was pleased to have completed the deal.

He said: “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.

“We’d like to express our profound thanks to everyone involved.”

Lord Wolfson said Joules’ products would be put on his Total Platform, which sells goods from other brands.

Joules was founded by Tom Joule, and started out selling clothes at country shows in 1989.

I’m so pleased that we have been able to strike a deal that protects the future of the company

RETAIL: Around 100 Joules stores will remain open including the outlets in St Andrews and Perth.