Joules, the retailer that started life in 1989 when its founder Tom Joule sold polo shirts at county shows, plans to float on London’s junior market to fund an expansion. The group wants to make the move to AIM by the end of the second quarter, having been valued at £140 million.
The plan is for a free float of 40 per cent to 50 per cent. Mr Joule stands to collect about £40 million from reducing his 80 per cent stake to less than 50 per cent.
The retailer, known for its colourful wellington boots, sells from 98 stores in the UK and Ireland and has wholesale accounts with John Lewis and Next Label. It said that it had increased revenues by 50 per cent to £116.4 million between 2013 and 2015.