Next has reportedly bought UK retailer Joules out of insolvency, winning a bidding war against rival store owners.
Next had previously been in talks with Joules to buy a minority stake in the business for £15m, but those discussions fell through earlier this year.
Bloomberg cited people familiar with the matter as saying that Next is teaming up with Joules founder Tom Joule on the purchase.
Joules, which started life as a clothing stall at a country show in Leicestershire in the 1980s, posted a string of profit warnings this year amid supply chain difficulties and waning consumer appetite due to cost-of-living crisis.
It was understood that Next triumphed over other interested retailers including South Africa’s Foschini Group, the owner of Phase Eight, Hobbs and Whistles.
Mike Ashley’s Frasers Group and Marks & Spencer also showed interest in the company.
