Next Takes Over Joules Acquisition from Foschini at the Last Minute
- Next Plc acquires majority assets of Joules through a new company formed with Tom Joule
- Next owns 74% equity, Tom Joule owns 26%
- Total cash consideration of £34m
- Next also buys Joules Head Office for £7m
- Phase8 owner Foschini was close to deal before Next stepped in
- Tom Joule excited to inspire teams and recapture customer trust
Next Plc has partnered with Joules founder Tom Joule to acquire the majority of assets of Joules through a newly formed company out of administration for a total cash consideration of £34m. Next also acquired the current Joules Head Office for £7m in cash. Next will own 74% of the equity, while Tom Joule holds the remaining 26%. It was reported that Phase8 owner Foschini was close to agreeing a deal before Next stepped in at the last minute. Tom Joule expressed his excitement to inspire teams and regain customer trust, emphasizing the importance of maintaining high standards in design, quality, and customer service. He also highlighted the significance of protecting the company’s future for its loyal customers, employees, and Market Harborough, where Joules has found success.
Factuality Level: 10
Factuality Justification: The article provides accurate information about the acquisition of Joules by Next Plc and Tom Joule’s involvement in the deal, as well as his perspective on the future direction of the company.
Noise Level: 3
Noise Justification: The article provides relevant information about a business acquisition and includes quotes from the founder, but lacks in-depth analysis or exploration of long-term trends or consequences.
Financial Relevance: Yes
Financial Markets Impacted: Joules, Next Plc
Financial Rating Justification: The article discusses a significant acquisition in the retail industry involving two companies, Joules and Next Plc, which can impact their respective financial performance and the overall market.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.
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