Lloyds Development Capital backs Joules with £22m investment

Bumper deal will accelerate international growth plans for leading UK clothing brand

Private equity firm Lloyds Development Capital (LDC) today announced it has completed a substantial £22m investment in leading casual clothing brand Joules, in exchange for a minority stake in the business.

Founded in 1989 by current CEO Tom Joule, Joules initially sold outdoor clothing at rural market events but launched a successful retail operation following the foot and mouth epidemic of 2001.

The Leicestershire-based brand has since grown to encompass 76 shops and an online store, with £79.4m turnover in the year ending May 2013.

LDC’s £22m investment will see Andy Grove and James Robinson take positions on the company’s board and continue Joules’ successful push into overseas markets, with the firm having made recent headway in the USA, Germany and Asia.

Founder Joule will continue as CEO of the business, alongside existing managing director Colin Porter.

Andy Grove, LDC investment director and incoming board member, said: “In Joules we are partnering with a high-quality management team in a business which embodies the unique style of British country heritage.

“Joules has delivered considerable sales and profit growth in recent years, despite what has been a very challenging climate for the retail industry, and we will work closely with the team going forward to help them execute the next phase of the business’ growth and development.”

Tom Joule, founder and CEO of Joules, added: “LDC’s investment brings additional strategic support and financial backing to our business and will help to increase the pace of our growth plans into new international and homewares markets whilst continuing to grow our loyal customer base.”

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