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Next in talks to snap up stake in clothing brand Joules

Next, one of Britain’s largest retail chains, in talks to acquire a stake in clothing and lifestyle brand Joules

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Next, one of the UK’s largest high street retail chains, is in talks to acquire a stake in clothing and lifestyle chain Joules.

The company has been in talks for several weeks to acquire up to 25 percent of its London-listed fashion rival, whose share price has fallen 76 percent this year.

A final agreement is still pending and, according to Sky News, the talks could still end without an agreement. Joules, worth £37m, confirmed last month that the accounting firm has hired KPMG to bolster its cash position after inflationary pressures eroded cash reserves.

Swoop: Next has been in talks for several weeks to acquire up to 25 percent of Joules

Swoop: Next has been in talks for several weeks to acquire up to 25 percent of Joules

Next would likely pay around £10 million at Joules’ current valuation.

It is not clear how the deal will be shaped.

Joules, which has 130 stores, said last month that profits remained under pressure as consumers look for cheaper brands.

Chief executive Nick Jones is expected to step down in the first half of next fiscal year.

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