Is Aim about to get a new Joules in its crown? Fashion retail unveils plans for £140m IPO
Joules has announced plans to bring its colourful wellies and country-style clothes to London's junior market with a £140m listing.
The fashion and lifestyle retailer said the initial public offering will take place in the second quarter of the year, with its founder Tom Joule expected to sell down his 80 per cent stake to less than 50 per cent and to take home around £40m.
Lloyds Banking Group's private equity arm LDC is also expected to sell down its 20 per cent stake, which it bought from Joule in 2013 to invest in the company's expansion.
The company was founded in 1989 after Joule started selling country clothing and wellies at outdoor events. and now operates 98 shops in the UK and overseas as well as selling wholesale to hundreds of independent stores.
Group revenues grew by 50.2 per cent between 2013 and 2015 to £116.4m, with UK sales up by 44 per cent to £105.8m and international sales growing by 198 per cent.
The group has opened 12 new stores each year in the UK over the last three years, and plans to use the money raised from the float to step up its expansion.
Peel Hunt is acting as nominated advisor and joint bookrunner and Liberum Capital Limited is acting as joint bookrunner. Rothschild is acting as financial adviser.