Joules' Oban branch survives store cull

The Oban branch of Joules will remain open despite the closure of a series of the organisation's other stores.

 

Joules of Oban is one of the 110 stores which was saved after the franchise closed 19 other stores, including the one in Edinburgh.

 

This comes as the clothing franchise announced it was being partially taken over by Next last week after facing financial difficulties.

 

The founder of Joules, Tom Joules will retain 26 per cent of the company's equity, while NEXT have taken ownership of the remaining 74 per cent.

 

According to Joules this has been acquired by NEXT for £34 million, with the head office purchased for £7 million.

 

In a statement, the organisation said: 'Joules Founder, Tom Joule is pleased to announce he has entered into an agreement to set up a joint venture with NEXT Plc to buy The Joules Group out of administration, via a newly formed company.'

 

'This new partnership will return Joules to being a private business after more than six years as a PLC and protecting 110 Joules stores and over 1,400 employees.'

 

Next already runs around 500 stores across the UK and Ireland, with this supplemented by a significant online presence.