Joules establishes ESG-linked financing facility
Joules, the premium British lifestyle brand, is pleased to announce that it has extended its current funding arrangements with Barclays Bank Plc (“Barclays”), that include a £25 million revolving credit facility and £9 million term loan, to September 2024, and has converted the facility to an ESG-linked financing arrangement.
The new financing agreement links the margin on the facility with Joules’ performance against three Sustainability Performance Targets (SPTs) that are aligned with Joules’ ESG focus areas. Under the terms of the agreement, Joules will benefit from a lower interest rate loan margin if the Group delivers on the following targets:
- reducing its carbon emission intensity;
- delivering 100% more sustainable materials in the manufacturing of its products; and,
- increasing its employee engagement score
The details of the targets and progress against them will be reported alongside the publication of the Group’s annual results and its Responsibly Joules update each year.
The arrangement reflects Joules’ strong commitment to operating responsibly and sustainably and the Group’s continued focus on delivering against its Responsibly Joules objectives, as outlined in the Group’s 2020 Annual Report, to the benefit of its employees, communities, and the environment.
Marc Dench, CFO at 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.”
Joules Group plc
Nick Jones, CEO
Marc Dench, CFO
Tel: +44 (0) 1858 435 255
Or Via Hudson Sandler
Hudson Sandler (Financial PR)
Tel: +44 (0) 20 7796 4133
Peel Hunt LLP, Nominated Advisor and Joint Broker
Tel: +44 (0) 20 7418 8900
Liberum Capital Limited, Joint Broker
Tel: +44 (0) 20 3100 2000
Joules - a premium lifestyle brand with an authentic British heritage
Joules is a premium lifestyle brand with an authentic heritage. The Joules brand is about family, fun and joy in the countryside. Joules creates and curates exceptional products that brighten the lives of its customer, delivered through a leading digital platform that is supported by enticing experiences and stores that are located in desirable locations relevant to the Joules customer's lifestyle.
The Joules story began in 1989, when Tom Joule started selling clothing on a stand at a country show in Leicestershire. Today, the business designs and sells Joules branded clothing, footwear and accessories for women, men and children … with collections of homeware, toiletries, lifestyle and pet product ranges that are carefully designed and developed through selected licensing partnerships
Joules' distinctive design-led products are complemented by an increasingly broad customer offer provided through its digital marketplace Friends of Joules, enabling third party brands to offer curated, complementary products to the Joules customer base, enhancing Joules' digital platform with thousands of products from hundreds of creative businesses to give customers everything they could ever need for a contemporary country lifestyle.
The Joules brand caters to its 1.5 million active customers through its own digital platform, its retail stores in the UK and at country shows and events. Joules extends its brand reach through well-established 3rd party relationships - concessions, online marketplaces and traditional wholesale - in the UK and internationally.
Internationally, the brand has made good progress in its target markets of the US and Germany, where the distinctive Joules brand and products range resonate well with local customers. International markets are served by wholesale partnerships and dedicated Joules websites.