Joules shares dived after Next pulled out of talks to invest £15million in the ‘yummy mummy’ fashion brand.
The struggling retailer entered discussions with Next last month about the high street giant taking a 25 per cent stake.
But a subsequent profit warning saw Joules’ shares crash – meaning Next’s investment would have been worth more than half the entire business.
Struggles: Joules entered discussions with Next last month about the high street giant taking a 25% stake – but a subsequent profit warning saw the fashion chain’s shares crash
Joules yesterday confirmed talks over the investment had ‘ceased’. Shares tumbled 49.6 per cent, or 10.25p, to 10.4p.
The company has brought in former Compare The Market boss Jonathon Brown as chief executive, replacing the ousted Nick Jones.
On his first day in charge yesterday, Brown brought company founder and non-executive director Tom Joule back as an executive to oversee new ranges.
An investment by Next would have been a lifeline for Joules, which has been in discussions with banks over its finances.
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