Joules rescue talks stall as Next goes cold over valuation

Enderby retail giant is still no nearer to finalising a £15m investment into struggling Market Harborough lifestyle brand Joules – three weeks after talks were first reported.

According to Sky News, the two companies are no nearer an agreement after Next was still waiting for sufficient financial information that would bring forward a proposal to Joules bosses.

Next has also gone cold on the 33p-a-share deal that Joules valued the company at, says Sky News. Joules’ share price closed at 25.5p on Friday afternoon.

Over the weekend, a Joules spokesperson said: “Joules continues its positive discussions with Next plc about both adopting its Total Platform services to support its long-term growth plans and a potential equity investment.

“There can be no certainty that these discussions will lead to any agreement, and further announcements in this regard will be made if and when appropriate.”

At the beginning of August, retail giant Next revealed that it could be set to take a 25% share in struggling lifestyle outlet Joules.

Last month, Joules’ share price reached historic lows after it admitted appointing KPMG in order to shore up its cash position.

Joules’s share price has slumped dramatically since the start of the year, when it was trading at around the 144p mark.