53 jobs saved as Joules subsidiary sold to private equity firm
The Garden Trading Company, the subsidiary of Joules, has been sold out of administration, saving all 53 jobs.
The firm has been bought by Yorkshire private equity firm TIM Group Holdings (TGH), which was set up by Yorkshire entrepreneur Tim Whitworth.
He said: “We are delighted to have the opportunity to work with a business with such great history and provenance, along with an unrivalled product range. We are extremely impressed by the management team and have great confidence in supporting and investing in their future.”
Ryan Grant and Will Wright from Interpath Advisory were appointed joint administrators to The Garden Trading Company on 16 November.
Laurie Houghton, managing director of The Garden Trading Company, said: “I’m delighted that TIM Group Holdings shares our vision and commitment to both our customers and our team to support our ambitious plans in growing both the brand and product range in the future.”
Ryan Grant, managing director at Interpath Advisory and joint administrator, said: “The Garden Trading Company had grown rapidly to become a leading retailer of distinctive garden and homewares, so we’re pleased to have achieved this outcome which ensures the business will continue to trade, and which safeguards over 50 jobs. We wish the management team and TGH all the very best for the future.”
The Garden Trading Company was advised by Eversheds Sutherland. TGH was advised by Freeths.