Talks between Next and fashion brand Joules over £15m investment stall

Talks between Next and ‘yummy mummy’ fashion brand Joules over a £15m investment have stalled, according to reports. 

The retailer was in discussions this month to take a 25 per cent stake in Joules but a fresh profit warning has seen its value crash.

Its shares are worth just 25.5p each, well below the 33p when talks emerged. 

It is also valued at less than £30m, meaning Next’s mooted deal would be worth more than half the company. 

A source told Sky News there was ‘no way’ Next boss Lord Wolfson would pay a premium to invest in the business. 

City sources also said Next has not received enough financial information from Joules to proceed. 

The investment would have been a lifeline for the Leicestershire-based brand which has been struggling with disappointing sales. 

Joules, which has around 130 stores, insisted ‘positive discussions’ with Next are ongoing.