Tuesday, August 16, 2022

Garden products business acquired by Joules

Joules, the Market Harborough-based lifestyle brand, has acquired The Garden Trading Company Limited, a digitally led retailer of home and garden products.

Garden Trading designs its own range of home, garden and outdoor products that it sells through its digital platform direct to consumers and to more than 1,000 stockists across the UK.

Garden Trading has seen rapid growth in its e-commerce revenue over recent years as it has broadened its product range and increased its customer base. Garden Trading has been a leading seller on the Friends of Joules digital marketplace since Joules launched the marketplace in 2019.

The acquisition supports Joules’ strategy to grow its customer base, broaden its product offer and strengthen its digital platform.

Joules says it intends to continue to develop and grow the Garden Trading brand and product range whilst also seeing opportunity to leverage Garden Trading’s design and sourcing strengths to develop a broader range of Joules-branded home, garden and outdoor products.

For the year to 30 November 2020, Garden Trading delivered revenue of £16.8 million, up more than 40% on the prior year, and a profit before tax of £2.0 million.

The acquisition is expected to be earnings accretive for Joules FY22 financial year.

The consideration for the acquisition is split between an upfront and a deferred element. The upfront consideration is for £9 million subject to certain customary completion adjustments. The deferred consideration is for up to £3.5 million, subject to Garden Trading meeting certain targets over the period to 30 November 2021.

Garden Trading’s founder and Managing Director, Jon Holloway, will remain with the business until the end of December 2021.

Nick Jones, CEO of 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 & outdoor category.

“The acquisition will help to increase the Joules customer base, broaden our product offering and strengthen our digital platform, which are three of the Group’s key strategic growth pillars.

“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’. I am delighted to welcome Garden Trading’s team to the Joules family and look forward to working with them all over the coming years.”

Jon Holloway, founder of Garden Trading, said: “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.

“In addition, by working with the Joules team it is clear that we share similar values, culture and customer-centric approach. I would like to take this opportunity to thank all my colleagues as well as our loyal customers who have helped to develop Garden Trading into the established and popular brand it is today.

“With the continued dedication of the Garden Trading team alongside the support and infrastructure that Joules offers, I am very confident in the growth opportunities ahead for the Garden Trading brand.”

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