Joules confirms talks with Next on sale of £15 million stake
Joules, the premium lifestyle fashion brand, has confirmed that it is in discussions with Next regarding the sale of a minority stake in its business.
The move follows a report by Sky News over the weekend that said Next could acquire up to 25% of the business.
In a statement this morning, Joules said: “Joules confirms that it is in discussions with Next about adopting its total platform services to support the group’s long term growth plans.
“Additionally, in conjunction, Joules confirms it is in discussions with Next about a potential equity investment raising proceeds for Joules of circa £15 million 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 approval by Joules’ shareholders.
