In This Issue
Joules acquires digitally led retailer Garden Trading
Petition to get Garden Centres in Scotland and Wales open again as soon as possible gains momentum, but they still need our help
The green shoots of recovery
From Seeds to Suet, Honeyfield’s continue to innovate
Looking forward to better weather
Join the Twinkly revolution at new UK showroom
New Board Members and Future Chairman confirmed at GCA AGM
100% responsible ‘Food Range’ released by Cotswold Granaries
Plant sales more than double
Join Korbond at Spring Fair 2021, this week!
Pearson Memorial medal awarded to Adam Wigglesworth of Aylett Nurseries
Risk to Scottish horticulture growing each day
One million steps for Garden Re-Leaf 2021
AMES UK invest more than £1m in infrastructure and people in response to increasing market demand
The national interest in houseplants is sky-rocketing
GTN's Christmas Special Issue - read on-line here
Gardening expert Richard Jackson challenges Britain to get ready, steady, grow!
Mental health body is garden centre's charity of the year
Dobbies bids to tackle food waste with Magic Bag
Venturing outdoors for mind, body and soul
Altons BBQ World, Aylett Nurseries, Barton Grange, Baytree, Busy Bee, Groves, Pengelly, Pughs, The Old Railway Line and Squires Badshot Lea are the winners of GTN's Greatest Christmas Awards
Christmas Future Trends at Glee's Festive Focus Day
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Pots of potential for container gardening
Garden businesses wilt under Brexit trade rules
Working together for better plant health
Cold weather boost for Wild Bird Care
Onions dominate Veg-2-Gro sales
Uplift in demand causes Greenregis mail order business to move
Introducing ‘The Real Soil Company’ – the new name in high-quality, results-driven topsoil
Gift card sales surge over UK’s first Covid Christmas
The best of last week's
Sign online petition to get Welsh centres re-opened
Moving on up… slowly
Greenfingers Charity welcomes Guy Topping as Trustee
RHS awards key outdoor pots license to Woodlodge
Jeno Floral - pick of the Christmas Bestsellers
Great roofing products for the garden make-over boom
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Barton Grange Christmas 2020 - Exclusive GTN Xtra Photo Tour
Squires Badshot Lea - Christmas 2020
Perrywood at Christmas 2020 - with correct photo gallery now...
British Garden Centres open their 58th centre at Thatcham
Haskins Snowhill re-opens after £15m re-vamp
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Joules acquires digitally led retailer Garden Trading

Joules, the premium British lifestyle brand, has announced that it has acquired The Garden Trading Company Limited (“Garden Trading”), a digitally led retailer of home and garden products inspired by the British countryside and lifestyle trends (the “Acquisition”).

 

Nick Jones, CEO 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 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.”

 

The Joules website states:

 

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. 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.

 

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

 

The Acquisition strengthens Joules’ position in the important and fast-growing home, garden & outdoor category. Garden Trading has a close cultural alignment with Joules, and both share the same design-led approach to creating distinctive, quality products that are loved by their customers.

 

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.

 

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.

 

Transaction overview


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 upfront consideration is comprised of a £4.5 million cash payment (on a cash free, debt free basis subject to a normalised level of working capital) and 2.83 million new Joules ordinary shares of 1 pence each (“Ordinary Shares”).

 

The deferred consideration is for up to £3.5 million (of which at least £3 million will be paid in cash and the rest either in cash or Ordinary Shares, at the Group’s discretion), subject to Garden Trading meeting certain targets over the period to 30 November 2021. Any Ordinary Shares issued pursuant to the Acquisition are subject to certain customary lock-up and orderly market arrangements.

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

 

https://www.joulesgroup.com/

 

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