Acquisition of freehold premises and land for new Head Office

06 Jul 2017

Joules, the premium British lifestyle brand, today announces that it has agreed the acquisition of a freehold interest in a 30,000 square foot office building in the Group’s home town of Market Harborough for a total investment of £4.4 million including stamp duty and fees (the “Acquisition”).

The property, known as Compass House, is adjacent to Joules’ existing head office location and the Acquisition also includes the adjoining development land and car-parking space.  The property will become the Group’s new head office following a period of refurbishment.

The Acquisition will, in part, be funded through a new £3.5 million, five-year, term loan facility arranged with Barclays Bank Plc.  The Group is also extending its existing £25 million revolving credit facility with Barclays Bank Plc by 14 months to July 2021.

The Board believes that the Acquisition provides the Group with the capacity to support its long term growth objectives. The transaction is anticipated to be earnings neutral throughout the period of refurbishment and earnings accretive following full occupation of the site, anticipated in FY19.

 

Colin Porter, Chief Executive Officer of Joules, commented:

“We are very pleased to announce the acquisition of a new head office in the Joules’ home town of Market Harborough. 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.

Our skilled and dedicated people are the heart of our business. This move will enable us to bring our head office teams together in a modern and collaborative working environment.  We are confident that this will further strengthen our unique culture and brand values as well as enhancing efficiency and creativity.”

 

Enquiries:

 

Joules Group plc

Tel: +44 (0) 1858 435 255

Colin Porter, CEO

Marc Dench, CFO

 

Hudson Sandler (Financial PR)

Tel: +44 (0) 20 7796 4133

Alex Brennan

Lucy Wollam

 

Peel Hunt LLP, Nominated Advisor

Tel: +44 (0) 20 7418 8900

Dan Webster

Adrian Trimmings

George Sellar

 

Liberum Capital Limited

Tel: +44 (0) 20 3100 2000

John Fishley

Joshua Hughes

 

 

Joules - ‘a premium lifestyle brand with an authentic British heritage’

Established in Britain by Tom Joule nearly three decades ago, Joules is a premium lifestyle brand with an authentic heritage.

A true multi-channel lifestyle brand, Joules carefully designs clothing, footwear and accessories for women, men and children, as well as an expanding range of homewares, toiletries and eyewear collections, with personality to match those of its customers’ colourful and uplifting outlooks, available through its own retail stores, online, rural shows & events and wholesale channels.

Quality, Britishness, family values, colour and humour make Joules stand out from the crowd. This approach, along with an unwavering attention to detail, and drive to surprise and delight its customers with unexpected product details, remain at the heart of everything Joules creates and has been central to the brand’s success and expansion.

www.joules.com  |  www.joulesgroup.com