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A millionaire Doncaster businessman has snapped up a stake of nearly £1 million in fashion brand Joules, calling the stock ‘very cheap.’

Richard Teatum, who owns Stoneacre Motor Group, which sells 80,000 cars a year across 140 dealerships and employs 3,000 people and which has a number of outlets in Doncaster has a stake of £900,000 according to reports in the financial press.

Mr Teatum, 65, has been buying shares as it is 'massively undervalued'.

He said: 'I think it is very cheap. The value is fantastic and I'll continue buying. The net asset value is obviously a lot higher than the market cap but I think long-term this will be a fantastic investment.'

Stoneacre boss Richard Teatum has a £900,000 share in fashion brand Joules.

In a sign he could buy more, Teatum added he is 'always looking for a good company and a good value'.

The businessman also revealed that he had received a letter inviting him to meet the board only days after becoming the second-largest shareholder.

Doncaster Stoneacre boss snaps up 'very cheap' £1m stake in fashion brand Joules