Doncaster businessman Richard Titum increases his stake in fashion retailer Joules
- Titum, which owns Stoneacre Motor, increased its stake to 9.9%
- Joules shares rose nearly 13% on Monday.
Doncaster businessman Richard Titum has bought more shares in struggling Joules.
Titum, who owns Stoneacre Motor Group, has increased its stake in the delicious mummy fashion retailer from 8.9 per cent to 9.9 per cent.
Joule action rose 12.6 percent, or 1.2 p, to 10.7 p after the announcement.
Tycoon Titum bought the business a few weeks ago for a £900,000 stake
Titum said: “I think it’s a good investment, it has potential and it can go forward. But I could buy a little more.’
He first bought into the business a few weeks ago, taking a stake worth £900,000.
He said at the time that Joule was “severely undervalued” and that it would be a “fantastic investment”.
He said last night: “I was at head office and met them, I think it’s a great organisation.”
He said Joule had been hit by rising inflation and was struggling with a wider downturn for retailers, but bosses could “turn it around”.