9:18 am, October 11, 2022
Stoneacre dealer group boss Richard Teatum has invested in beleaguered fashion retailer Joules.
Teatum has become the second largest shareholder in Joules, which has 130 stores across the UK and is currently trying to stave off collapse.
Filings last week showed Teatum bought an 8.9 per cent stake in Joules on Oct 6, equating to around £1m.
Joules shares rose by 28 per cent on Friday.
According to the Times, the millionaire car dealer has not ruled out taking part in a rescue of the fashion company.
‘I might buy some more [shares], I might sell some. I don’t mean to be vague: it’s just I’m keeping my options open,’ he said.
‘I think the shares are very good value, otherwise I wouldn’t have bought them. I think the company can be turned around; not easily, but it can be.’
Teatum also said he hoped to meet Joules-founder and its largest shareholder, Tom Joules, ‘pretty soon’.
He heads up Stoneacre which he founded in 1994 and has around 100 dealerships.
Its most recent accounts show pre-tax profits rocketed by 170 per cent to £26.4m last year.
Yesterday (Oct 10) Joules said an insolvency deal could be a way to close off a collapse, and that it was considering a company voluntary arrangement (CVA).
Joules has 130 stores and over 1,000 employees.
Picture: Mike Egerton/PA Archive/PA Images
