The acquisition supports Joules’ strategy to grow its customer base, broaden its product offer and strengthen its digital platform.
Garden Trading designs its own range of distinctive home, garden and outdoor products that it sells through its own digital platform direct to consumers and to more than 1,000 stockists across the UK. Through the acquisition, Joules intends to continue to develop and grow the Garden Trading brand and product range whilst also leveraging Garden Trading’s design and sourcing strengths to develop a broader range of Joules-branded home, garden and outdoor products.
Nick Jones, Chief Executive Officer of Joules, commented: “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 is split between an upfront and a deferred element. The upfront consideration is for £9M subject to certain customary completion adjustments, comprised of a £4.5M cash payment and 2.38 million new Joules ordinary shares of 1 pence each. The deffered consideration is for up to £3.5M, of which at least £3M will be paid in cash with the remaining balance either in cash or ordinary shares.
