Slaughter and May advised NEXT on the acquisition of Joules

Slaughter and May advised Next plc (“NEXT”) on the acquisition out of administration of the majority of the assets of Joules by a newly formed joint venture (“JVCo”) between NEXT and Tom Joule, for cash consideration of £34 million. NEXT owns 74% of the equity in JVCo with the remaining 26% owned by Tom Joule. In addition, NEXT has acquired the current Head Office of Joules for £7 million in cash.

JVCo 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 terms with landlords. Joules will retain its management autonomy and creative independence. JVCo 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.

The acquisition was announced and completed on 1 December 2022.

Slaughter and May worked closely with the NEXT M&A team, led by Jeremy Stakol and Freddie Williams and the in-house legal team, led by Anil Raja and Claire French.

Tom Joule was advised by Browne Jacobson, with the team led by partner Gavin Cummings.

Roland Turnill Senior Partner
Claire Jackson Partner
Philippa Mosley Associate
Ed Horner Associate

Alice Steele / Trainee, Rachael Seymour / Trainee, Ben Jones / Trainee, Harry McGrath / Trainee, Dolly White / Trainee, Will Wilson / Trainee

Ian Johnson Partner
Joshua Bauernfreund Senior Counsel

Susannah Hill / Trainee

David Ives Partner
Matthew Harman Associate

Ben Eastwood / Trainee

Real Estate
Jane Edwarde Partner - Real Estate
Lisa Wright Partner
Tina Zhuo Partner

Rebecca Torrance / Trainee, Nick Bailey / Trainee

Pensions, Employment and Incentives
Phil Linnard Partner
Simon Clark Associate
Adrien Mallevays Associate
Charles Osborne Partner
Kasim Mehmood Associate
Data Protection
Rebecca Cousin Partner
Hilal Temel Associate