Shares of Jules fell after she withdrew from talks to invest £15 million in Next’s ‘Yummy Mummy’ fashion brand.
The struggling retailer last month held discussions with Next to pick up a 25 percent stake in the high street giant.
But Jules’ shares crashed in a subsequent profit warning — meaning Next’s investment would have accounted for more than half of the entire business.
Clash: Jules discussed taking a 25% stake in the high street giant with NeXT last month — but warnings of profit afterward saw the fashion chain’s shares crash
Jules confirmed yesterday that talks on the investment have ‘closed’. The stock fell 49.6 per cent, or 10.25p, to 10.4p.
The company has brought in former Compare The Market boss Jonathan Brown as chief executive, replacing ousted Nick Jones.
Yesterday, on his first day in charge, Brown brought back the company’s founder and non-executive director Tom Jule as an executive to oversee the new categories.
The investment by Next would have been a lifeline for Jules, who is discussing his finances with banks.
Credit: www.dailymail.co.uk /