Joules unveils plans to float on Aim
Lifestyle clothing brand Joules has announced plans to float on the Aim market of the London Stock Exchange. The admission is expected to take place in the second quarter of 2016.
Founded in 1989 by Tom Joule, the retailer is known for its colour and proprietary prints designed by the company’s in-house design team.
Group revenues increased 50.2% to £116.4 million between 2013 and 2015 driven mainly by new store roll-outs, continued expansion of e-commerce and increased sales within existing wholesale accounts.
Joules has opened an average of 12 new stores each year in the UK over the last three years. It also has a fast growing presence in North America and Germany with international revenues growing by 198% in the period.
In preparation for the admission, Joules has appointed David Stead as senior independent non-executive director and Jill Little as independent non-executive director.
Meanwhile, Neil McCausland will continue as non-executive chairman of the group while Joule will remain as chief brand officer and as an executive director following the float.
Colin Porter, chief executive of Joules, said: “Joules has a rare heritage and a strong presence across clothing and lifestyle product categories. Since the brand’s foundation more than 26 years ago, Joules has enjoyed strong, consistent growth developing into the much-loved fun, family, ‘time-off’ lifestyle brand it is today. We have a clear strategy to develop the brand further and we see real potential for continued growth across channels both in our core UK market and internationally.”