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Joules close to completing acquisition of Garden Trading

By Rachel Douglass

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Report

Image: Joules

British lifestyle brand Joules has said it is close to completing its acquisition of The Garden Trading Company as the home and lifestyle retailer met the targets for its deferred consideration.

Joules acquired Garden Trading for nine million pounds in January 2021, as it looked to expand on its product offering.

The consideration for the acquisition was set to be split between an upfront payment and a deferred element of 3.5 million pounds, subject to Garden Trading meeting certain targets over the periods from 1 December 2020 to 30 November 2022.

Joules has now announced that Garden Trading has met all the set targets and it will be paying the deferred consideration in full.

A total of three million pounds will be paid in cash with the remainder in new Joules ordinary shares of one pence each.

Garden Trading, which operates both via its online store and stockists throughout the UK, specialises in British countryside-inspired homeware and garden products.

Its acquisition comes as part of Joules’ plan to grow its customer base and product offering, with the new addition set to strengthen the group’s expanding home, garden and outdoor category.

Homeware
Joules