Tom Joule, the founder of British fashion and lifestyle retailer Joules, is working with investment bank Rothschild to take his family-owned company public, The Sunday Times reported.
It is understood that management met City institutions last week to scope out the field for an IPO. Sources told The Sunday Times that the initial meetings valued Joules at over £140m, potentially making Joule’s stake worth £110m. He and Rothschild declined to comment.
Joule bought the business from his father in 1999 and owns 80% after selling a 20% share to LDC, the private equity division of Lloyd’s bank, in 2012.
The retailer recently opened its landmark 100th store in Ireland.
The group’s wholesale division, which amounts to approximately a fifth of sales, increased revenue by 17.9% this year, boosted by its affiliation with high street giants such as John Lewis and Next as well as international demand.
International sales jumped 65% in the past year, driven by demand in Germany and the US, Joules’ biggest markets.
The apparel company signed a deal to have brands sold in Nordstrom department stores in the US earlier this year, while its childrenswear range is also sold in around 200 independent stores across North America.
Joules also has a physical presence in South Korea and Singapore with footwear and childrenswear but there are currently no known plans to branch out into China.
Around 20% of sales come from its online business, which has been helped by the increasing popularity for click-and-collect.