Joules Group plc
("Joules" or the "Group")
Joules, the premium British lifestyle brand, announces that Marc Dench, Chief Financial Officer, has decided to leave the company in the coming months in order to take up a position with HealthHero1, a rapidly growing private-equity backed player in the digital health sector.
A search process to appoint a successor to the role is underway and the Board will make a further announcement in due course. We have agreed that Marc will stay in his position until no later than the end of the Group's financial year in May to enable time for a suitable candidate to be appointed and support a smooth transition of responsibilities.
Marc joined Joules as Chief Financial Officer ahead of the Group's IPO in 2016. He has played an important role in the Group's development over recent years into the digitally led brand that it is today.
Marc Dench, CFO of Joules commented: "It has been a privilege to be part of the Joules journey over recent years. From the IPO in 2016, the business and brand has continued to develop and adapt to the rapidly changing customer and market dynamics and is, I believe, incredibly well positioned for its next chapter of growth.
"I'd like to take this opportunity to thank the whole team at Joules with whom I have had the pleasure of working with during my time with the Group. I'm very proud of what we have achieved together.
"Although excited about my next challenge, I will be sad to leave Joules after a fantastic five years, but do so in the knowledge that it is a business with a clear sense of purpose, a strong financial position, clear strategy for growth and outstanding leadership. These 'special ingredients' give me confidence that Joules will continue to deliver value for all stakeholders over the years to come."
Ian Filby, Chairman of Joules commented: "Marc is a highly valued member of the management team and has made a significant contribution to the success of the business since its IPO. On behalf of the Board I would like to thank Marc for his dedication, skill and leadership during his time with the Group and wish him every success in the future.
"Marc will stay in his role up to the end of the Group's financial year as the Board searches for a successor to help lead the business through the next stages of its long-term growth. We will provide a further update as and when appropriate."
Nick Jones, CEO of Joules commented: "Marc has made a significant contribution to the Group over five years. He has played a critical role since the outbreak of the COVID-19 pandemic to help ensure that the business has a robust financial position and remains well placed to deliver its exciting long-term growth plans.
"I would like to echo Ian's thanks and extend my personal gratitude to Marc for his support since I joined the business in 2019. Joules is an outstanding brand with a fantastic team, and we are confident that the Group remains very well positioned for the future."
1 Founded in 2019, HealthHero is London based digital telehealth business on its way to become a global leader in the sector. HealthHero marries human expertise with digital convenience to provide virtual healthcare. HealthHero is present in three countries, delivering more than 1.5m consultations per annum, covering more than 20m lives and serving over 1000 businesses. HealthHero has been pursuing a strategy of organic scale up combined with targeted strategic acquisitions in order to capitalise on the strengths of existing players in key markets or segments.
Joules Group plc
Tel: +44 (0) 1858 435 255
Ian Filby, Non-Executive Chairman
Nick Jones, CEO
Marc Dench, CFO
Or Via Hudson Sandler
Hudson Sandler (Financial PR)
Tel: +44 (0) 20 7796 4133
Peel Hunt LLP, Nominated Advisor and Joint Broker
Tel: +44 (0) 20 7418 8900
Liberum Capital Limited, Joint Broker
Tel: +44 (0) 20 3100 2000
Joules - a premium lifestyle brand with an authentic British heritage
Joules is a premium lifestyle brand with an authentic heritage. The Joules brand is about family, fun and joy in the countryside. Joules creates and curates exceptional products that brighten the lives of its customers, delivered through a leading digital platform that is 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 with collections of homeware, toiletries, lifestyle and pet product ranges that are carefully designed and developed through selected licensing partnerships.
Joules' distinctive design-led products are complemented by an increasingly broad customer offer provided through its digital marketplace Friends of Joules, enabling 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 brand caters to its 1.5 million active customers through its own digital platform, its retail stores in the UK and at country shows and events. Joules extends its brand reach through well-established 3rd party relationships - concessions, online marketplaces and traditional wholesale in the UK and internationally.
Internationally, the brand has made good progress in its target markets of the US and Germany, where the distinctive Joules brand and products range resonate well with local customers. International markets are served by wholesale partnerships and dedicated Joules websites.
Joules' performance has been recognised through several awards including:
· Mainstream Brand of the Year - Drapers Awards 2019, 2017 and 2016
· Best Licensed Fashion or Talent Brand Award - Brand & Lifestyle Licensing Awards 2019
· Best Licensed Gifting Product Award - Brand & Lifestyle Licensing Award 2019
· The Best Fashion Retailer (Mark of Excellence) - Retail Week Awards 2019 and 2018
· Fashion Retail Business of the Year (between £101m-£500m turnover) - Drapers Awards 2018 and 2017