THE TAXPAYER has become a top shareholder in the well-heeled welly and clothing maker Joules after Lloyds’ private equity arm snapped up a stake in the business.
Lloyds Development Capital (LDC) said yesterday that it has paid £22m for a minority stake in the country clothing brand, a move that is likely to have triggered a huge windfall for its owner Tom Joule.
The company, which was set up in 1999 by Joule’s father to sell country clothing at outdoor events, now has more than 70 shops as well as selling wholesale to other retailers and has an annual turnover approaching £90m.
It hired corporate advisory firm Rothschild in November last year to advise on selling a minority stake.
Joule said: “LDC’s investment… 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 separately announced that it has sold its stake in outdoor clothing specialist Mountain Warehouse as part of an £85m management buyout.