Joules owner set for 110 million pounds float

Tom Joule, a fashion designer who started out selling wellies at country fairs 25 years ago is set for a 110 million pound bonanza after floating his fashion and lifestyle company Joules on the stock market.

Joules, known for its bright patterned clothing and wellies, was set up in Leicestershire in the 1980s. Joule bought the business from his father in 1999 and began selling pink wellies at equestrian events before opening his first store in Market Harborough 15 years ago. Since then, the company has opened more than 100 outlets in Britain, mostly in country towns. It also sells its products through Harrods and John Lewis.

Joule is working with investment bank Rothschild to list his family-owned clothes company early next year. Sources said the initial meetings valued Joules at more than 140 million pounds, potentially making Joule’s stake worth 110 million pounds.

Last year the company saw revenue increase 22 percent to 117 million pounds, earnings before interest and tax grew by 18 percent to 10.7 million pounds, while international sales rose 65 percent.