Next, the high street fashion chain, has formed a partnership with Tom Joule to buy Joules out of administration for £34 million.
Mr Joule will take a lead role in re-establishing the business and its products weeks after it almost went bust.
Joules was forced to bring in administrators from Interpath Advisory just over two weeks ago after failing to find backing following months of disappointing sales.
The administrators said Mr Joule – who launched Joules in Market Harborough in 1989 – has formed a joint venture with Next to buy the business and its assets. The £34 million deal will keep around 100 stores in business open and protect almost 1,500 jobs.
Next will own 74 per cent of the equity with the remaining 26 per cent owned by Mr Joule.
Next – which is also based in Leicestershire – has also acquired Joules’ £20 million Harborough head office, which only opened in 2021, for £7 million cash.
However, 133 jobs will be lost today with the closure of 19 Joules stores.
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.
“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.”
Next chief executive 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."
Joules chief executive Jonathon Brown will stay on in his post.
Talks with Next to take a stake in Joules fell through over the summer prior to the administration, despite changes being made changes under Tom Joule’s leadership as product director.
Next said: “The company will benefit from Tom's understanding of the Joules brand, customer and product direction that served Joules so well historically.”
In a statement the administrators said: “The new company has acquired around 100 Joules stores, with approximately 1,450 employees across these stores and head office transferring as part of the transaction.
“Unfortunately, 19 stores are not part of the transaction and will be closed with immediate effect. It is therefore with regret that the joint administrators have today made 133 redundancies.
“The joint administrators will be providing support to those impacted as a matter of priority.”
Head of restructuring at Interpath Advisory and joint administrator Will Wright 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.”
Next said Joules would remain a separate business with its own management, “creative independence”, and its own board, and will continue to be based in Market Harborough.
The Joules websites and online operations, in the UK and overseas, will be operated by Next through its Total Platform system which will also provide warehousing and distribution services for Joules' retail, franchise, wholesale and concession businesses, all of which will continue to be operated by Joules.
It is anticipated Joules will go live on Next’s Total Platform in early 2024.
