Fashion firm Joules is close to launching a £140m float, while discount furniture and DIY retailer The Range is also gearing up to go public.

Joules, famous for its brightly-coloured clothes, is expected to announce an initial public offering on London’s Aim market as early as today. A floatation has been rumoured for some months. Admission is expected to occur in the second quarter of 2016.

Founder Tom Joule is expected to bag around £40m as he cuts his 80% stake to less than half, according to The Telegraph. Joule, who bought out the business from his father 17 years ago, is likely to remain in his post as chief brand officer.

Joules chief executive Colin Porter said: “Joules has a rare heritage and a strong presence across clothing and lifestyle product categories. We have a clear strategy to develop the brand further and we see real potential for continued growth across channels both in our core UK market and internationally.”

The retailer reported that its group revenues grew 50% between 2013 and 2015. International revenues, generated by presence in North America and Germany, soared 198% in the same time period.

It opened an average of 12 new stores in the UK over the past three years.

Joules, which has 98 shops in the UK and Ireland, is also among those circling Austin Reed stores, Retail Week revealed last week.

The Range

Meanwhile, home, garden and leisure retail chain The Range is also lining up an IPO, according to reports. The retailer has kicked-off talks with investors that could value the business at around £1bn.

Founder Chris Dawson, who launched the business in 1989, would be in line for a significant pay-out from the float, the Telegraph reported. However the float is unlikely to be launched before next month’s vote on Britain’s membership of the EU.