Next shares soar on bid rumours

Shares in retailer Next soared to a record high today after the firm became the latest British high street name to be linked to a private equity takeover.

Speculation of a 2500p a share bid propelled Next to the top of the FTSE 100 risers’ board, with shares rocketing nearly 4%, or 92p, to a peak price of 2320p.

A potential move for the firm would see Next join the likes of supermarket chain Sainsbury’s and high street retailer and drugs wholesaler Alliance Boots as high-profile targets of private equity firms.

Nick Bubb, leisure and retail analyst at Pali International, said: “The business is highly profitable and cash generative, so it is not something that could be ruled out.”

The rumoured offer level would value Next at £5.7bn (€8.4bn). Next was unavailable for comment.