Next, one of Britain’s biggest high street shop chains, in talks to snap up stake in clothing and lifestyle brand Joules
Next, one of Britain’s biggest high street shop chains, is in talks to snap up a stake in clothing and lifestyle chain Joules.
The business has been in discussions for several weeks to acquire up to 25 per cent of its London-listed fashion rival, which has seen its share price drop by 76 per cent this year.
A final agreement is some time away and discussions could still end without one, according to Sky News. Joules, with a value of £37million, last month confirmed it hired accounting firm KPMG to bolster its cash position after inflationary pressures hurt cash reserves.
Swoop: Next has been in discussions for several weeks to acquire up to 25 per cent of Joules
Next would likely pay about £10 million at Joules’ current valuation.
It is unclear how the deal would be structured.
Joules, which has 130 stores, last month said profit remained under pressure as consumers seek out cheaper brands.
Chief executive Nick Jones is expected to step down in the first half of its next financial year.