Next in talks to acquire stake in Joules
Next is understood to be in talks to acquire a large stake in the Joules lifestyle and clothing brand.
According to a report by Sky News, Next has been negotiating with Joules for several weeks over the potential purchase of up to 25% of the business.
In addition to its online store, Joules operates 130 shops and employs more than 1,000 people.
Last month, Joules said it said it had appointed KPMG to assist with the process of improving profitability, cash generation and liquidity headroom. This followed an earlier announcement by the retailer that profit in the 13 weeks to 1 May had been hit by an increasingly promotional environment, reduced demand for full price items and subdued sales in its home and garden category.
Founded in 1989 by Tom Joules, Joules has been listed on the London Stock Exchange since 2016.
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