Retailer Joules rescued by Next from administration

Clothing chain Joules has been rescued from administration by retail giant Next and founder Tom Joule.

Leicestershire-based Joules collapsed last month after failing to secure emergency investment, putting about 1,600 jobs at risk.

Under the rescue deal, Next will take a 74% stake in the business, with Tom Joule owning the rest.

Next is keeping about 100 of Joules' current 124 stores open, but 19 stores will be closed with immediate effect.

Joules' administrators have said that 133 redundancies have been made following the deal, but about 1,450 posts will transfer to the new owners.

Next will continue to operate Joules' website but also sell Joules-branded clothing through its own e-commerce platform.

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."

Mr Joule said: "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."