Joules confirms talks to sell minority stake to Next
The news comes after Joules, which has approximately 130 stores and employs more than 1,000 people, has endured an increasingly difficult time due inflationary pressures.
Joules has confirmed in a statement that Next plc has been in negotiations for several weeks for the retail giant to acquire up to 25% of the smaller London-listed retailer.
The statement confirmed Next’s plan to adopt its total platform services to support the group’s long term growth plans.
Additionally, the ongoing discussions with Next about a potential equity investment raising proceeds for Joules of £15m, no less than its current market price, would result in Next becoming a strategic minority shareholder in the group.
The news comes after Joules, which has approximately 130 stores and employs more than 1,000 people, has endured an increasingly difficult time due inflationary pressures.
Last month, it hired KPMG to assist with efforts to improve its “profitability, cash generation and liquidity headroom”.
EY is said to be advising Next on its talks with Joules.
