Upmarket retailer Joules is closing its store in Edinburgh's George Street with immediate effect following a deal to save the majority of the business from going bust.

Administrators at Interpath Advisory have brokered the sale of approximately 100 Joules stores to a newly-formed joint venture between retailing giant Next and Tom Joule, the founder of Joules. The deal includes the acquisition of Joules' head office in Leicestershire by Next.

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However, 19 stores including the shop in Edinburgh are not part of the deal. Administrators have today made 133 people redundant, including an unspecified number in the Scottish capital.

Will Wright, head of restructuring at Interpath Advisory and joint administrator, said: “Following a highly competitive process, we are pleased to have concluded this transaction which secures the future of this great British brand, as well as safeguarding a significant number of jobs.

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"To have achieved this in such a short timetable is testament to the support we’ve received from employees, suppliers and other key stakeholders throughout the administration process, so we’d like to express our profound thanks to everyone involved.”

Will Wright, Ryan Grant and Chris Pole from Interpath Advisory were appointed joint administrators of Joules Group plc and Joules Limited on November 16.