Response to media speculation

Joules, the premium British lifestyle group, provides a statement in response to recent media speculation.

Joules confirms that it is in discussions with Next Plc (“Next”) about adopting its Total Platform services to support the Group’s long term growth plans. Additionally, in conjunction, Joules confirms it is in discussions with Next about a potential equity investment raising proceeds for Joules of c.£15 million at no less than Joules’ current market price, which would result in Next becoming a strategic minority shareholder in the Group. The equity investment would be subject to approval by Joules’ shareholders.

There can be no certainty these discussions will lead to any agreement. A further announcement will be made if and when appropriate.


Enquiries:

Joules Group plc
Nick Jones, CEO
Caroline York, CFO
Tel: +44 (0) 1858 435 255

Hudson Sandler (Financial PR)
Alex Brennan
Lucy Wollam
Tel: +44 (0) 20 7796 4133

Peel Hunt LLP (Financial Adviser, NOMAD and Joint Broker)
George Sellar
Michael Nicholson
Andrew Clark
Tel: +44 (0) 20 7418 8900

Liberum Capital Limited (Joint Broker)
John Fishley
Edward Thomas
Tel: +44 (0) 20 3100 2000

The person responsible for arranging release of this announcement on behalf of Joules is Caroline York, Chief Financial Officer.

Joules - a premium lifestyle group with an authentic British heritage

Joules is a premium lifestyle brand and group with an authentic heritage and values of family, fun and joy in the countryside.

Joules creates and curates exceptional products that brighten the lives of its customers, delivered through leading digital platforms and supported by enticing experiences and stores that are located in desirable locations relevant to the Joules customer's lifestyle.

The Joules story began in 1989, when Tom Joule started selling clothing on a stand at a country show in Leicestershire. Today, the business designs and sells Joules-branded clothing, footwear and accessories for women, men and children as well as collections of homeware, toiletries, lifestyle and pet product ranges that are carefully designed and developed through selected licensing partnerships. Each collection comprises Joules' distinctive use of humour, colour and unique prints, each of which is hand-drawn by the brand's talented in-house print design team at its headquarters in Market Harborough, Leicestershire.

In 2021, Joules acquired leading digital home and garden retailer The Garden Trading Company, strengthening its position in the important and fast-growing home, garden & outdoor category. Similarly inspired by the British countryside, Garden Trading designs and sells distinctive products through its own e-commerce platform and many wholesale partnerships across the UK.

Joules' distinctive design-led products are complemented by an increasingly broad customer offer provided through its digital marketplace ’Friends of Joules’ that enables third-party brands to offer curated, complementary products to the Joules customer base, enhancing Joules' digital platform with thousands of products from hundreds of creative businesses to give customers everything they could ever need for a contemporary country lifestyle.

The Joules group caters to its 1.9 million active customers through its own digital platforms, its retail stores in the UK and at country shows and events. Joules extends its brand reach through well-established third-party relationships - concessions, online marketplaces, and traditional wholesale - in the UK and internationally.

www.joules.com
www.gardentrading.co.uk
www.joulesgroup.com