Next In Talks To Buy Stake In Market Harborough-based Joules

Retail giant Next is in talks to acquire a stake in Market Harborough-based Joules for around £15m.

The fellow Leicestershire firm has been in negotiations for several weeks, although Joules say there is no guarantee they will end in a deal.

The fashion and homeware company, which employs around 400 people at its Rockingham Road HQ, has been struggling over the last year, with the cost of living crisis hitting sales.

If successfully completed, the deal would make Joules the latest in a string of high street names to join Next’s online platform.

The Joules HQ

Joules issued a statement today, saying: “Joules confirms that it is in discussions with Next Plc (“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 c.£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.

“There can be no certainty these discussions will lead to any agreement. A further announcement will be made if and when appropriate.”

Last month Joules called in debt advisers KPMG to help improve profitability, cash flow and liquidity.