Joules, the British fashion retailer known for casual men’s and women’s apparel, has appointed a team of advisers to prepare it for a £150m-plus IPO.
According to The Sunday Telegraph, stockbrokers Peel Hunt and Liberum have been appointed to manage a float.
It is understood that Joules will debut on the stock market come April or May and will likely bring majority stakeholder Tom Joule several million pounds. Joule owns 80% of the company while LDC, the private equity division of Lloyds Banking Group, owns 20%.
Joule started out working in his father’s business, Joule & Sons, which sold clothes and wellies at equestrian shows, before buying-out his parent 17 years ago and striking out on his own at the age of 23, writes The Sunday Telegraph. The company, which is based in Market Harborough, Leicestershire, has since grown into a popular brand with 100 shops and products sold in department stores such as John Lewis and Debenhams.
Boosted by new shop openings, revenues climbed 21.6% to £117.1m in the 12 months to the end of May, according to accounts filed at Companies House. Pre-tax profits leapt 35.5% to £5m.
A listing could bring Joules upwards of £150m, which would make Joule’s piece of the pie worth £120m.
City insiders believe a number of companies will attempt to float in coming months before the vote on Britain’s membership of the European Union creates too much market uncertainty.