Doncaster Stoneacre tycoon ups stake in struggling fashion brand Joules

Richard Teatum, who owns car dealership Stoneacre has upped his stake to 9.9%, weeks after snapping up a £900,000 chunk of the firm.

He has increased his stake from 8.9 per cent and shares in Joules surged 12.6 per cent, or 1.2p, to 10.7p after the announcement.

Mr Teatum said: 'I think it is a good investment, it has potential and could go forward. I might buy a little more, yet.'

At the time of his £900,000 investment he said Joules was 'massively undervalued' and that it would be a 'fantastic investment'.

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 but that bosses could 'turn it around'.

Stoneacre, which sells 80,000 cars a year across 140 dealerships and employs 3,000 people has a number of outlets in Doncaster.