Joules secures sustainability linked financing facility
Joules has announced that it has extended its current funding arrangements with Barclays Bank to include a £25 million revolving credit facility and £9 million term loan that will be valid until September 2024.
In addition, it has converted the facility to an ESG-linked financing arrangement.
The new financing links the margin on the facility with Joules’ performance against three sustainability performance targets. Under the terms of the agreement, Joules will benefit from a lower interest rate loan margin if jt meets targets for carbon emissions and the use of more sustainable materials, and increases its employee engagement score.
The details of the targets and progress against them will be reported alongside the publication of the retailer’s annual results and its Responsibly Joules update each year.
Marc Dench, chief financial officer of Joules, said: “This extension to our financing facilities further enhances the Group’s robust financial position and, importantly, further aligns Joules’ sustainability commitments, which are central to our business purposes, to the Group’s long-term financial strategy and performance.
“With growth comes responsibility. The decision to link this financing to our ESG focus areas reflects the Group’s stated commitments to create value for all stakeholders by reducing its environmental footprint and positively impacting the people we work with, the communities we’re based in, and the world around us.”