Five Joules stores in Suffolk will be remain open after the company was taken over – but one of the Southwold branches will shut.

The clothing retailer, which has a shop in Butter Market Street has been taken over by Next and founder Tom Joule for a sum of £34million.

Joules had been at risk of collapse after going into administration last month.

The Little Joule, in East Street, Southwold, is among the stores that has been closed down as part of the deal.

The brand – famous for its posh wellies – still has its stores in Ipswich, Bury St Edmunds, Aldeburgh, Woodbridge, at Jimmy's Farm outside Ipswich and the other shop in Southwold in High Street.

Next said most Joules staff will remain with the business in the long term and confirmed plans to shift Joules onto its Next Total platform system.

Mr 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.

“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."

Next chief executive Lord Simon Wolfson added: “We are excited to see what can be achieved through the combination of Joules’s exceptional product, marketing and brand building skills with Next’s Total Platform infrastructure.”