Lifestyle brand and retailer Joules has secured a £22m investment to support its expansion from LDC, a private equity arm of Lloyds Banking Group.
LDC has taken a minority stake in Joules as a result of the deal, which was advised on by banking group Rothschild with Barclays providing funding support.
Joules, which has 650 accounts in the UK and Republic of Ireland plus 76 UK stores, is looking to grow its international offering. The company has recently launched in Singapore and South Korea and is also focusing on on-going growth in France, Germany and the US.
Founder Tom Joule said: “This is such a fantastic time for Joules to welcome the many opportunities that we have as a lifestyle brand and with the support of LDC, we can accelerate the next steps of our journey.”
Turnover in the year to May 31 grew 19% to £79m as EBITDA more than doubled to £7.4m and like-for-like sales also delivered double-digit growth.
Managing director Colin Porter said sales had continued to grow since the year end.
“The first five months of the new financial year has also followed this trend with sales growing 23% on last year with the retail and direct channels at +31%, and wholesale at +15% on last year,” he said. “The margins have also continued to show further improvements as the company focus has been on selling at full price.”
Over the weekend it was revealed that UK outdoor clothing company Mountain Warehouse has bought out its minority shareholder LDC to take full ownership of the business. The £85m acquisition was backed by Royal Bank of Scotland and Alcentra.