Joules confirmed on Monday that it is in talks with retailer Next about the acquisition of a £15m stake in the lifestyle brand.
Responding to media speculation over the weekend, Joules confirmed a potential equity investment raising proceeds of around £15m “at no less than Joules’ current market price, which would result in Next becoming a strategic minority shareholder in the group”. The equity investment would be subject to shareholder approval.
Joules also said it was in talks with Next about adopting its Total Platform services to support long-term growth plans.
“There can be no certainty these discussions will lead to any agreement,” the group said, adding that a further announcement will be made if and when appropriate.
