British fashion retailer Joules has been valued at £140m as it prepares to float on the London Stock Exchange’s junior Aim market, with the first day of trading expected to be May 31.
Joules said it hoped to raise £77.5m through the public floatation, with the placing price set at 160p per share. Part of the money has been earmarked to expand on the business’s current store portfolio of more than 100. It hopes to add between 10 and 12 shops per year for the foreseeable future.
The public listing follows a period of impressive growth for the brand. UK annual revenues have increased by 44%, to £105.8m, in the past two financial years. International revenues have grown by 198% to £10.6m.
Owner Tom Joules, who founded the company in 1989, is set to make £60m through selling the majority of his shares. The public listing of the business will see his total stake reduced from 80% to 32%.
Joules chief executive Colin Porter said the news marked an “exciting new phase” in the company’s development as a premium lifestyle brand.
“Joules is a much loved brand with a rare heritage and we are delighted with the strong response to the placing, reflecting investors’ recognition of the significant further opportunities for the group both in the UK and internationally,” he added.