Car dealership boss mulling Joules rescue bid
The owner of Yorkshire-based car dealership Stoneacre Motor Group has acquired £1m worth of shares in struggling lifestyle brand Joules and may be considering a rescue bid for the Market Harborough retailer, Retail Gazette reports.
Richard Teatum has “not ruled out” coming to the stricken firm’s aid after becoming its second largest shareholder, according to the trade title.
Teatum, who now holds an 8.9% stake in the company, is reportedly “keeping [his] options open” and was quoted as saying Joules “can be turned around; not easily, but it can be.”
The news follows a turbulent period for the Leicestershire firm, which is considering entering into a company voluntary arrangement (CVA) to help cut spiralling costs.
Joules has been in talks with Interpath Advisory over a plan for a CVA that could ultimately mean store closures and job cuts. However, it told the London Stock Exchange yesterday (10 October) that a CVA was just one of “a range of other potential options.”
The company’s share price tanked last month, reaching lows of just 5p. Joules’ shares started 2022 at a relatively healthy 134p – meaning their value has dropped 96.4% in just nine months.
Based on these figures the listed retailer is now worth just £5.6m.
Joules’ founder and non-executive director Tom Joule recently returned to an executive role with the firm, promising “surprises and delights” as he took on responsibility for product development.
