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Joules acquires Garden Trading for up to £12.5 million
StockMarketWire.com
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Lifestyle brand Joules said it had acquired Garden Trading, a retailer of home and garden products, for up to £12.5 million in a cash and shares deal.
Garden Trading designed 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.
The acquisition 'strengthens Joules' position in the important and fast-growing home, garden & outdoor category, the company said.
'Joules 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,' it added.
Under the terms of the deal, Joules agreed to pay an upfront consideration for £9 million, and a deferred consideration for up to £3.5 million, subject to Garden Trading meeting certain targets over the period to 30 November 2021.
At 8:05am: (LON:JOUL) Joules Group PLC share price was 0p at 114.25p
Story provided by StockMarketWire.com
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