// Joules shares worth £1m have been snapped up by car dealer Richard Teatum
// The struggling retailer is considering a CVA to avoid a collapse
Joules shares worth £1 million have been snapped up by a multimillionaire car dealer, who has become the second largest shareholder in the lifestyle retailer.
Richard Teatum, who runs Stoneacre Motor Group, said he hoped to meet Joules founder Tom Joule “pretty soon” and has not ruled out taking part in a rescue of the struggling business.
Joules, which has 130 stores, recently said an insolvency deal with creditors and landlords could be a way to avert collapse.
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Teatum had built an 8.9% stake in Joules. He said yesterday: “I might buy some more shares, I might sell some. I don’t mean to be vague: it’s just I’m keeping my options open.”
“I think the shares are very good value, otherwise I wouldn’t have bought them,” he said.
“I think the company can be turned around; not easily, but it can be.”
Teatum has about 100 dealerships, and said he liked to “dip” into the stock market. This is his first investment in a clothing retailer.
Joules had been in advanced talks with Next about a £15 million equity investment, but they fell through last month.
