Joules raises £15 million to help it weather coronavirus crisis
Lifestyle clothing brand Joules has raised £15 million through a shares placing as it looks to support its business through the coronavirus crisis.
A total of 18,750,000 new ordinary shares of one pence each were placed at a price of 80 pence per share.
In a statement, Joules said the proceeds are expected to provide the company with sufficient liquidity headroom in a Covid-19-related downside scenario and help it to emerge stronger after the crisis.
Nick Jones, chief executive of Joules, said: “This placing will help Joules to deliver its long-term growth plans as well as supporting the business to successfully navigate through the current unprecedented trading environment.
“We are delighted with the levels of support from our shareholders which reflects broad recognition of the strength of the Joules brand and our business model as well as our exciting, long-term prospects.”
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