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Joules sells minority stake to car dealer investor

Tom Bottomley
11 October 2022

Richard Teatum, owner of Stoneacre Motor Group, which has 140 car dealerships, has taken an 8.9% stake in struggling fashion and lifestyle retailer Joules. paying around £900,000 for the shares.

The Doncaster-based businessman has become one of the largest shareholders in the retailer, with founder Tom Joule the largest shareholder with a 21.8% stake.

Joules is currently worth around £8.7million, and Teatum believes the shares are “very good value” (at 9p) and he thinks “the company can be turned around,” according to The Times.

On Monday 9 October, Joules, which has 130 stores, confirmed it was considering a company voluntary arrangement (CVA) restructuring process as part of its turnaround plans. It also added that it is continuing to make “good progress” in developing its turnaround plan in a bid to improve profitability.

The retailer said last month it was considering a fundraising after a slump in shares over the past year, following profit warnings amid soaring costs and a downturn in consumer spending.

Retail giant Next also launched talks with Joules over a deal to buy a minority stake in the business, but discussions between the two collapsed last month.

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