Casual fashion retailer Joules has received a £22m investment from private equity firm Lloyds Development Capital (LDC).

LDC has taken a minority stake in Joules, which was advised on by banking group Rothschild.

Joules, which sells its products through its 76 stores, website, independent shops and department stores such as John Lewis and Harrods, saw sales grow 19% to £79m in the year to May 31 while EBITDA more than doubled to £7.4m.

The retailer said sales jumped 23% in the first five months of the new financial year, with retail and direct channels up 31%, while wholesale grew 15%.

Joules plans to open a store at Gatwick Airport.

Founder Tom Joule said: “This is such a fantastic time for Joules to welcome the many opportunities that we have as a lifestyle brand and with the support of LDC, we can accelerate the next steps of our journey.”

Clearwater Corporate Finance provided corporate finance advice to LDC.