Next has announced that it has partnered with Tom Joule to acquire out of administration the majority of the assets of British clothing company Joules via a newly formed company (the "Company") for £34m to be settled in cash. In addition, Next has acquired the current Joules Head Office for £7m cash. The Company intends to continue to operate a significant number of stores (around 100 of the current 124 Joules' stores) in the UK and Ireland, subject to agreeing to terms with landlords. 19 stores will be closed by the administrator. Next will own 74% of the equity with the remaining 26% owned by Tom Joule.

Joules will retain its management autonomy and creative independence. The Company will have its own Board of Directors and continue to be based in Market Harborough. Most Joules staff will remain with the business and Joules will migrate onto the Next Total Platform over time. Jonathon Brown was appointed CEO of Joules in 2022 and will remain in that role. Joules' websites and online operations, both in the UK and overseas, 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. It is anticipated Joules will go live on Next's Total Platform in early 2024.