Joules sells minority stake to LDC
Fashion lifestyle brand Joules has sold a minority stake to Lloyds Banking Groups private equity arm LDC.
With a turnover approaching £90 million, Joules has received a £22 million investment from LDC which will help the retailer to open new stores, expand its product categories and increase its e-commerce activity overseas.
LDC investment director Andy Grove said: “In Joules we are partnering with a high-quality management team in a business which embodies the unique style of British country heritage. Joules has delivered considerable sales and profit growth in recent years, despite what has been a very challenging climate for the retail industry and we will work closely with the team going forward to help them execute the next phase of the business’ growth and development.”
Founded in 1990, Joules operates a multi-channel model with direct and wholesale channels being supplemented more recently with own retail stores, which now total over 60 and offer customers a full click-and-collect service.
The retailer has attributed its growth in recent years to the expansion of its retail and wholesale presence, the expansion of its e-commerce offering and the development of overseas markets, particularly the US, Germany and Asia. The business has also expanded its product range to include new categories such as bed, bath, kitchen and garden.
Following the investment, chief executive and founder Tom Joule will continue to lead the business alongside managing director Colin Porter.
Joule said: “LDC’s investment brings additional strategic support and financial backing to our business and will help to increase the pace of our growth plans into new international and homewares markets whilst continuing to grow our loyal customer base.”
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