{"id":217524,"date":"2022-10-11T09:10:00","date_gmt":"2022-10-11T08:10:00","guid":{"rendered":"https:\/\/www.theindustry.fashion\/?p=217524"},"modified":"2022-10-11T20:23:16","modified_gmt":"2022-10-11T19:23:16","slug":"joules-sells-minority-stake-to-car-dealer-investor","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/joules-sells-minority-stake-to-car-dealer-investor\/","title":{"rendered":"Joules sells minority stake to car dealer investor"},"content":{"rendered":"<p>Richard Teatum, owner of Stoneacre Motor Group, which has 140 car dealerships, has taken an 8.9% stake in struggling fashion and lifestyle retailer<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/www.theindustry.fashion\/the_directory\/joules\/\" target=\"_blank\" rel=\"noopener\"> Joules<\/a><\/span>. paying around \u00a3900,000 for the shares.<\/p>\n<p><!--more--><\/p>\n<p>The <strong>Doncaster-based businessman has become one of the largest shareholders in the retailer,<\/strong> with founder Tom Joule the largest shareholder with a 21.8% stake.<\/p>\n<p>Joules is currently worth around \u00a38.7million, and Teatum believes the shares are \u201cvery good value\u201d (at 9p) and he thinks \u201cthe company can be turned around,\u201d according to <em>The Times<\/em>.<\/p>\n<p>On Monday 9 October, Joules, which has 130 stores, confirmed it was <span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/www.theindustry.fashion\/joules-considers-cva-process-as-retailer-seeks-turnaround\/\" target=\"_blank\" rel=\"noopener\">considering a company voluntary arrangement (CVA) restructuring process<\/a><\/span> as part of its turnaround plans. It also added that it is continuing to make \u201cgood progress\u201d in developing its turnaround plan in a bid to improve profitability.<\/p>\n<p>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.<\/p>\n<p><span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/www.theindustry.fashion\/next-ceases-discussions-for-joules-equity-stake-acquisition\/\">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.<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":142126,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10585,6,10494],"tags":[10612,3683,24357,11353],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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