JOULES TURNS TO ASDA FOR NEW BOSS

MIDDLE-CLASS fashion favourite Joules has poached retail veteran Nick Jones from Asda to be its next chief executive.

Jones, 46, has worked in the sector since he joined Marks and Spencer in 1995.

He spent 15 years there before joining Asda in 2011 to run its George clothing brand and now sits on Asda’s executive board as commercial director of George and general merchandise.

Jones will start at Joules, which is known for its colourful wellies and Breton-striped tops, by the end of this year and will work with outgoing boss Colin Porter for a short handover period.

Chairman Ian Filby said ‘extensive retail, brand and strategy’ experience made him the outstanding candidate. Jones said: ‘I have long admired Joules for its distinctive brand, its outstanding products and designs, and its connection with its customers.’

His appointment comes five weeks after Joules said Porter, who took over from its founder Tom Joule in 2015, would step down by May 2020. Porter oversaw the firm’s debut on AIM in 2016, which gave it a value of £140m, and is leaving the 30-yearold company in good shape.

Joules has managed to buck the widespread trend of doom and gloom on the High Street, outperforming the wider market and seeing its share price rise more than 70pc since its float.

It is now worth £244m and has about 120 stores in the UK and Ireland. Shares, which listed at 160p each, rose 1.1pc, or 3p, to 275p.