(Bloomberg) -- British clothing and housewares chain Next Plc is in talks to acquire a minority stake in troubled retailer Joules Group Plc for about £15 million ($18.1 million).
The potential investment will be made “at no less than” its current market price, Joules said in a statement responding to a report it was looking to sell a roughly 25% stake to raise capital.
Next in Talks to Buy Stake in UK Retailer Joules, Sky Says (1)
There’s no certainty the discussions will lead to any agreement, according to the statement. Joules’ shares fell as much as 0.9% in London on Friday and closed at 33 pence. The stock is down more than 77% this year.
The company is also in talks with Next to adopt its Total Platform services to support Joules’ long term growth plans, it said.
Joules said in May that it was cautious about its near-term outlook amid a “challenging” trading environment, with consumer confidence impacted by the rising cost of living.
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