Doncaster businessman Richard Teatum has snapped up more shares in struggling Joules.
Teatum, who owns car dealership Stoneacre Motor Group, upped his stake in the yummy mummy fashion retailer from 8.9 per cent to 9.9 per cent.
Joules shares surged 12.6 per cent, or 1.2p, to 10.7p after the announcement.
Tycoon Teatum bought into the business a few weeks ago, taking a stake worth £900,000
Teatum said: ‘I think it is a good investment, it has potential and could go forward. I might buy a little more, yet.’
He first bought into the business a few weeks ago, taking a stake worth £900,000.
At the time he said Joules was ‘massively undervalued’ and that it would be a ‘fantastic investment’.
Last night he said: ‘I have been to the head office and met them, I think it’s a great set up.’
He said Joules has been battered by surging inflation and is struggling amid a wider downturn for retailers, but that bosses could ‘turn it around’.
