Fashion firm Joules have acquired Garden Trading in a £12.5m deal sending shares soaring by 7.5%. Garden Trading who design furniture sell their products through its digital platform to their customers and have over 1,000 stockists across the UK.
Garden Trading revenues grew by over 40% to £16.8m in the year to 30 November, and had a pre-tax profits of £2m.
Nick Jones, chief executive officer at Joules said, “We are delighted to announce the acquisition of Garden Trading, which is a fast-growing and highly complementary brand to Joules in the attractive home, garden and outdoor category.
“The Garden Trading brand shares similar design-led principles to Joules and, as has been demonstrated through its stand-out popularity on the Friends of Joules digital marketplace over the past 15 months, is highly relevant to our customers and their lifestyles.
“Garden Trading has a fantastic team and culture, which is closely aligned to Joules’.”
Jon Holloway, founder of Garden Trading added, “We are delighted to be joining Joules, which is a business and brand I have long admired.
“Since we started selling through the Friends of Joules digital marketplace more than a year ago it has become increasingly clear how well our products and brand resonate with the Joules customer base.”