In an update, Joules said it could confirm discussions about Next plc acquiring an equity stake in the group “have ceased”.

It did, however, add that discussions regarding Joules potentially adopting the Next Total Platform in the future will remain ongoing. 

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“The company has an ongoing positive relationship with Next, successfully selling Joules products through Next’s Label channel which will continue.

“The group continues to develop and execute its strategy and turnaround plan, which focuses on driving higher profitability through: a better pricing and promotional strategy; focusing on more profitable product categories with shorter time to market; optimising the group’s channel mix; and a continuing strong focus on cost control. The group’s outlook for the full year remains unchanged.

“The group 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. A further announcement will be made if and when appropriate.”

Last month Joules confirmed Next was considering a GBP15m (US$18.1m) stake in the business.

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It added the move would result in Next becoming a strategic minority shareholder in the group, noting the equity investment would be subject to approval by Joules’ shareholders.

Shortly after, Joules sounded a profit warning on dampened consumer confidence after it saw sales fall across an 11 week period.

It also announced the appointment of former John Lewis exec Jonathon Brown as its new CEO.