Joules to float on AIM Country fashion retailer Joules has announced that it is to list on London’s Alternative Investment Market in a £140 million flotation.

Founder Tom Joule is expected to reduce his stake in the company from 80% to 50%, netting him approximately £40 million. He will remain with the business as chief brand officer.

Colin Porter, chief executive of Joules, said: “Joules is a distinctive, established and fast-growing lifestyle brand and we are delighted to announce our intention to list on AIM as an exciting new phase in the brand’s development.

“Joules has a rare heritage and a strong presence across clothing and lifestyle product categories. Since the brand’s foundation more than 26 years ago, Joules has enjoyed strong, consistent growth developing into the much-loved fun, family, ‘time-off’ lifestyle brand it is today. We have a clear strategy to develop the brand further and we see real potential for continued growth across channels both in our core UK market and internationally.”