Joules to acquire new head office building
Lifestyle fashion brand Joules has agreed to acquire a freehold interest in a 30,000 square foot office building in its home town of Market Harborough for a total investment of £4.4 million.
The property, known as Compass House, is adjacent to Joules’ existing head office location and also includes the adjoining development land and car-parking space. The property will become the company’s new head office following a refurbishment.
The acquisition will, in part, be funded through a new £3.5 million, five-year term loan facility arranged with Barclays. The company is also extending its existing £25 million revolving credit facility with Barclays by 14 months to July 2021.
Colin Porter, chief executive of Joules, said: “Joules is growing quickly and we are confident that this represents another important step in supporting the brand’s long term growth both in the UK and internationally. This move will enable us to bring our head office teams together in a modern and collaborative working environment.”
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