Private equity firm takes stake in upmarket outfitter Joules

The £90m-turnover business, famous for its colourful designs and prints, has developed a successful e-commerce operation selling to 30 countries.

It also has a retail estate of more than 60 stores, with a presence in Harrogate, Beverley and Ilkley.

LDC, part of Lloyds Banking Group, has taken a share in the company via its Leeds office, although founder Tom Joule will continue to lead the business.

John Garner, head of LDC in Yorkshire and the North East, 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, 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.”

LDC completed the transaction with support from a number of regional advisers, including Eversheds, Clearwater Corporate Finance and Deloitte.

Rothschild, Browne Jacobson and PwC advised Joules.

LDC said Joules is well-positioned to capitalise on a range of future growth opportunities but is focusing on further development of key international markets, alongside continued expansion of the UK retail and direct offerings and further exploitation of multi-channel opportunities.

The deal with Joules forms part of LDC’s continuing strategy to invest in leading regional mid-market businesses whilst backing high calibre management teams.

On a national level, the deal is LDC’s 20th investment of 2013, having invested more than £350m of new funding, together with a further £40m of capital to support portfolio business acquisitions.

Last year, LDC invested more than £300m across 18 investments.

Tom Joule founded Joules in 1980. It is headquartered in Market Harborough and sells womenswear, menswear, childrenswear and babywear, as well as accessories.