Joules founder Tom Joule has sold over five million shares in the retail business. According to broker Peel Hunt, which acted for Tom Joule, 5.25 million ordinary shares were sold at a price of £2.32 per share. This represented some 4.7 per cent of the company’s total shares, leaving Joule with 21.8 per cent.
Tom Joule had bought 1.25 million extra shares in the business last April, as part of a broader effort to pump cash into the business when the pandemic first hit.
Peel Hunt said: “Tom remains a very substantial shareholder in the company and his working relationship with, and commitment to, the company is unchanged. The remainder of the company’s shares controlled by Tom Joule following the placing will be subject to a lock-up which ends 6 months after completion of the placing (subject to waiver by Peel Hunt and to certain customary exceptions).”
It said the shares sold were held by Mr Joule directly and by various discretionary trusts controlled by him. He last sold shares in Joules in 2016 and is understood to be using the proceeds of this latest sale to expand his interests.
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