Joules to finalise garden trading acquisition
Lifestyle fashion retailers Joules has said it is close to finalising the last payments needed to acquire home and garden retailer Garden Trading.
The lifestyle retailer acquired Garden Trading in January 2021 for £9 million after seeking ways to extend its product offering.
Garden Trading designs its own British countryside and lifestyle-inspired range of home, garden and outdoor products and sells direct to consumers online and through 1,000+ stockists across the UK.
A deferred consideration from Joules of up to £3.5 million was subject to Garden Trading hitting financial targets over the period from 1 December 2020 to 30 November 2021.
Joules has now confirmed that Garden Trading has met all targets set, and as a result, the amount will be paid in full. A total of £3 million will be paid in cash and the remainder in new Joules ordinary shares of 1p each.
