Lifestyle brand and retailer Joules has delivered a 27% like-for-like sales increase in year to April, according to founder Tom Joule.

Joule also denied that he was planning to sell a stake in the business to fund growth.

According to reports Joules, which has 46 stores including four franchise outlets and 10 concessions, also plans to open 10 new stores before January in locations including Witney in Oxfordshire and Edinburgh.

Joule said: “What you get for your money, for the quality of product, is incredible value. And I think people have spotted that in difficult times they can buy, wear, wash and pass down from one generation to another.”

Earlier this year it was reported that Joules has appointed investment banking group Rothschild to advise on its growth and investigate the potential sale of a minority stake.

Joule said: “I can categorically deny that I plan at this point to sell a minority stake.”

For the year to 30 May 2010, Joules posted pre-tax profits of £4.86m, compared with £2.48m over a 16-month period previously.