Connect with us

Hi, what are you looking for?

Editor’s Pick

Next abandons Joules takeover talks

Talks between Joules and Next over a £15 million equity investment in the struggling clothing and homeware retailer have ended, sending its shares down to fresh lows.

The setback comes a fortnight after Joules insisted talks were proceeding positively despite reports that negotiations were faltering.

Joules said yesterday it “continues to assess its ongoing financing requirements and is considering alternative options, including a possible equity raise, to allow the company to strengthen its balance sheet”. It added: “A further announcement will be made if and when appropriate.”

Shares in Joules, which were trading at more than 300p in June last year, slumped by 49.6 per cent, or 10¼p, to 10½p, valuing the company at only £11.7 million, while Next closed down 3.9 per cent, or 236p, at £58.28, amid a broader decline on the London stock market yesterday.

Joules did not state the reason for the breakdown in investment talks. Sky News reported last month that talks had stumbled after a trading warning from Joules on August 19 and over providing sufficient data for due diligence. Joules had blamed the heatwave for weakening sales of wellies and other wet-weather gear.

The end of the talks coincided with Jonathon Brown, a former Compare The Market chief executive, formally taking charge as Joules’s new chief executive, replacing Nick Jones.

Tom Joule, the founder and a non-executive director, has been given the job of leading, in an executive capacity, a “renewed product development process for the forthcoming seasons”, Joules said yesterday.

Joules said its outlook for the full year remained unchanged and its turnaround plans remained focused on better pricing and promotions, and on more profitable product categories with a shorter time to market.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



Buildings are seen along EDSA in Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN By Diego Gabriel C. Robles  THE WORLD BANK (WB) upgraded...


Heavy traffic is seen on the southbound lane of EDSA in Cubao, Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN THE PHILIPPINE auto industry’s...


REUTERS THE BANGKO SENTRAL ng Pilipinas (BSP) may deliver a second off-cycle rate hike in early November when the US Federal Reserve is expected...


Vendors arrange their goods at a public market in Manila. — PHILIPPINE STAR/ RUSSEL A. PALMA THE ASIAN Development Bank (ADB) is planning to...

Editor’s Pick

With the reversal of the 1.25% rise in National Insurance Contributions happening on the 6th of November, employers across the nation have an opportunity...


1 of 3 By Sam L. Marcelo, Multimedia Editor BalletPulso Pilipinas II: Alay nina Alice at AgnesSept. 30, 8 p.m.Oct. 1, 3 p.m. and...

You May Also Like


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.