Joules dives after talks with Next collapse

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Joules shares tumbled after Next dropped talks to invest £15m in ‘tasty mommy’ fashion brand.

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The struggling retailer entered into talks with Next last month that the big street giant would get a 25 percent stake.

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But the subsequent profit warning sent Joel’s stock down, meaning Next’s investment would have been worth more than half of the entire business.

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Struggles: Joles entered talks with Next last month for the high street giant to take a 25% stake, but a subsequent profit warning sent the fashion chain’s shares plummeting.

Yesterday, Joles confirmed that the investment talks had been “terminated.” Shares fell 49.6%, or 10.25 pence, to 10.4 pence.

The company hired former Compare The Market boss Jonathon Brown as chief executive, replacing the fired Nick Jones.

Yesterday, on his first day in charge, Brown brought back company founder and non-executive director Tom Joel as chief executive to oversee new product ranges.

The Next investment would be a lifeline for Joules, who is negotiating with banks about her finances.

Credit: www.dailymail.co.uk /

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