ENDERBY (dpa-AFX) - NEXT Plc (NXT.L), a British clothing, footwear and home products retailer, said on Thursday that it has inked a deal with Tom Joule to acquire majority stake of Joules, a lifestyle brand, through a newly formed company for 34 million pounds in cash.
NEXT has already acquired the current Head Office of Joules for 7 million pounds in cash.
Post acquisition, NEXT will own 74 percent of the equity with the remaining 26 percent owned by Tom Joule, the founder of Joules.
Joules will go live on NEXT's Total Platform in early 2024. Following the closing of the deal, Joules' websites and online operations will be operated by NEXT through NEXT's Total Platform.
'Total Platform 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,' NEXT said in a statement.
NEXT intends to continue to operate around 100 of the current 124 Joules' stores in the UK and Ireland. On December 1, 19 stores will be closed by the administrator.
Jonathon Brown, CEO of Joules will remain in his role in the post transaction.
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