GENSOCIAL
Discount retailer JTF wants to open 40 new stores and create more than 1,400 new jobs – and float on the stock market in a little over three years time.
The Nottinghamshire-based JTF Mega Discount Warehouses has launched a crowdfunding campaign to help fund its ambitions, and give investors a chance to own a stake in the company prior to it going public.
The “no-frills” chain currently has 12 UK stores as well as a website offering members everything from homewares to food, kitchen products, electrical goods, decorations and garden furniture.
Based in Tuxford, Notts, it started out 40 years ago as a “one-man-band” selling watches out of a barber shop.
Today it employs 500 people and has stores across the Midlands and north, including Leeds, Warrington, Preston, Stoke-on-Trent, Tamworth, Hucknall, Lincoln and Newcastle.
A spokesman for the company said that by the time it floats it is forecast to have net assets of £50 million.
According to Companies House documents, parent company JTF Wholesale Ltd had a turnover of £64.4 million in the year to March, 2019, but made a pre-tax loss of £2.66 million.
Company director Jeremy Coombes said: “During a time when many business have sadly struggled, JTF has continued to grow from strength to strength, offering fantastic deals for our customers, serving local communities safely and securely, and providing an environment that our staff love coming to each day.
“Over the next five years we plan to open 40 new JTF stores, creating 1,400 new jobs, with the aim of floating the company in 2024.”
Investment opportunities start at £50 for “silver-level” investors, rising to a minimum £200 investment at “gold-level”, £750 at “platinum-level” and a minimum £2,500 for “VIP investors”.
All investments will be split – with 95 per cent serving as a loan which will yield a projected 6 per cent interest per year, with the remaining 5 per cent invested in shares, at 25p per share.
Investors will also earn rewards in store and online.
Mr Coombes said “We’re thrilled to be launching our crowdfunding campaign and our range of investment options.
“Here at JTF, we’ve got ambitious plans for growth and expansion over the next five years, and it fills us with excitement to be able to offer investors the opportunity to join the JTF family on this journey, own their very own stake in a thriving business, and enjoy some fantastic perks to boot.”
He added: “We believe now is a fantastic time to become a part of JTF’s exciting future.”
