Joules valued at £140m ahead of AIM listing

Fashion retailer Joules said on Monday that it will have a market capitalisation of £140m when it lists on AIM later this week.

The company, which announced its intention to float early in May, said £77.5m has been conditionally raised pursuant to the placing. Of that, £11.5m will be used to pay down the group’s outstanding shareholder loan note accrued interest and the balance will be paid to shareholders.

On admission, founder Tom Joule will hold a stake of around 32.2%.

Chief executive officer Colin Porter said: “Today's announcement marks an exciting new phase in Joules' development as a premium lifestyle brand.

“Joules is a much loved brand with a rare heritage and we are delighted with the strong response to the placing, reflecting investors' recognition of the significant further opportunities for the group both in the UK and internationally."

For the year to the end of May 2015, revenues and earnings before interest, tax, depreciation and amortisation were £116.4m and £10.7m, respectively.