Harrods and Selfridges clothing brand closes £22 million funding round

LDC has closed its second deal in a day by committing £22 million of development capital to lifestyle brand Joules.

Following the exit of Mountain Warehouse to the company’s management team, LDC has made a new investment – with business Joules the beneficiary.

Based in Leicestershire and with a turnover of £90 million, Joules has secured a £22 million investment from LDC to grow across a number of channels.

Joules provides women’s, men’s and childrenswear through a combination of its own 60 retail stores and direct/wholesale channels such as John Lewis and Harrods.

Following the investment, the Joules business will be continued to be led by its founder and CEO, Tom Joule, as well as managing director Colin Porter.

Joule says that the LDC investment will help to accelerate the pace of the company’s growth plans into new international and homewares markets.

The LDC Nottingham and Birmingham offices have now injected £100 million, including follow-on funding, into businesses during 2013.

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Firm investment director Andy Grove comments, ‘In Joules we are partnering with a high-quality management team in a business which embodies the unique style of British country heritage.

‘Joules has delivered considerable sales and profit growth in recent years, despite what has been a very challenging climate for the retail industry and we will work closely with the team going forward to help them executive the next phase of the business’ growth and development.’

Corporate development for Joules in recent years has centred on expanding its e-commerce service in overseas markets including the US, Germany and Asia alongside the launch of bed, bath, kitchen and garden products.

Hunter Ruthven

Hunter Ruthven

Hunter was the Editor for GrowthBusiness.co.uk from 2012 to 2014, before moving on to Caspian Media Ltd to be Editor of Real Business.

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Fashion Sector