'Country fashion' favourite Joules sets out plans for Aim float

Clothing retailer Joules has revealed its plans for a £140m initial public offer on London's AIM market.

The will see founder Tom Joule, who set up the business in 1989 selling clothing and accessories at outdoor events and since move to open its own stores and sell as a brand in John Lewis and Next, sell his stake down from 80% to less than 50% and backer Lloyds Development Capital (LDC) offload most or all of its 20%.

Peel Hunt is the company's AIM nominated advisor and joint bookrunner on the float with Liberum Capital, while Rothschild is acting as financial adviser.

Chief executive Colin Porter, formerly of Crombie and House of Fraser, said listing on AIM heralded an exciting new phase in the brand's development.

"Joules has a rare heritage and a strong presence across clothing and lifestyle product categories. Since the brand's foundation more than 26 years ago, Joules has enjoyed strong, consistent growth developing into the much-loved fun, family, 'time-off' lifestyle brand it is today."

"We have a clear strategy to develop the brand further and we see real potential for continued growth across channels both in our core UK market and internationally."

In the year to last May, Joules produced £116.4m of revenue, up from £95.6m the year before, while earnings before interest, tax and other items rose to £10.7m from £9.1m as

An average of 12 new stores each year have been opened in the UK over the last three years and international sales have nearly tripled to £10.6m in the last two years, with its fast-growing presence particularly apparent in North America and Germany.

The company said it planned more stores in the UK and would focus further overseas growth on the US and Germany, but with Japan, China and the Middle East eyed for future potential.