JOULES pushed back against reports that discussions with Next over a £15m rescue deal have soured.

In a statement yesterday, the struggling retailer said: "The group continues positive discussions with Next Group Plc about both adopting its Total Platform services to support its long-term growth plans and a potential equity investment."

It comes after Sky News reported at the weekend that the high street behemoth had not received enough financial information to make a formal proposal, with questions raised about whether it would proceed with the deal at no less than 33p a share. A source told Sky News that there was "no way" Next would pay a premium to invest in the firm.

Earlier this month, Joules posted a profit warning, citing poor sales across key line items like raincoats and jumpers as a factor.

Joules shares fell a further six per cent in early trading yesterday to 24p, rather pailing against the 254p it was trading at a year ago.

Joules said that it would make further announcements when appropriate.

(c) 2022 City A.M., source Newspaper