Joules bought by Next for £34m

Joules, which is based in Leicester was founded in 1989 by Tom Joule.

Next has bought Joules for £34m and has closed 19 of its stores today.

Next will own 74% of the equity of the Company, with the remaining 26% owned by Tom Joule.

100 Jules stores out of 124 will stay open in the UK and Ireland.

Simon Wolfson, NEXT Chief Executive 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, which is based in Leicester was founded in 1989 by Tom Joule.

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."