Following Joules, the Market Harborough-based lifestyle group, confirming earlier in the year that it was in talks with Next about a potential equity investment, the discussions have now ended.
Raising proceeds for Joules of £15 million, Next would have become a strategic minority shareholder.
In a new business update however, Joules said “discussions about Next plc acquiring an equity stake in the group have ceased,” however talks regarding Joules potentially adopting the Next Total Platform in the future remain ongoing.
Joules added: “The company has an ongoing positive relationship with Next, successfully selling Joules products through Next’s Label channel which will continue.”
Meanwhile Jonathon Brown, the group’s new CEO, has announced that Tom Joule, the company’s founder and a non-executive director, will lead, in an executive capacity, the company’s renewed product development process for the forthcoming seasons.
