Joules adds £15 million to existing revolving credit facility
Joules has confirmed that it has added an extra £15 million to its existing revolving credit facility with Barclays Bank.
The news follows the lifestyle clothing retailer’s recent equity placing where it raised £15 million.
The company has previously announced that it has introduced a range of measures to conserve cash during the coronavirus crisis and now believes it has sufficient liquidity headroom to manage a Covid-19 related downside scenario.
Nick Jones, Joules chief executive, said: “The completion of the additional facility with Barclays Bank provides Joules with further liquidity to navigate these challenging times and positions the business to continue to progress its strategic growth plans following the current period of significant disruption.”
Giving an update on current trading, Joules said customer traffic and demand on its ecommerce site has been running ahead of the expectations set when non-essential stores closed and the UK entered lockdown
Jones added: “Our ecommerce sales over recent weeks continue to demonstrate the strength of the Joules brand and the loyalty of our customer base. We know that further challenging times are ahead, but we are confident that, with the continued support of our colleagues, customers and the wider Joules community of suppliers and partners, Joules is well positioned to manage these challenges.”
Joules has also announced that its recently launched ‘Rainbow Edit’ collection has so far raised nearly £35,000 to support NHS Charities Together. In addition, the company has been able to utilise its supply chain to support local Leicestershire health services through the donation of around 50,000 masks.
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