Lifestyle retailer Joules has confirmed the successful completion of a £15m increase to its revolving credit facility (RCF), with Barclays Bank.
Joules believes it has “sufficient liquidity headroom to manage a Covid-19 related downside scenario,” due to taking mitigation actions with suppliers, landlords, employees and thanks to the new credit boost.
The group’s net debt position on 19 April was £6.9m with £43.1m of available headroom.
Joules’ online operations remain open with the appropriate new safety measures. Online sales usually account for half of the group’s overall retail sales.
Online demand through the coronavirus crisis has been running ahead of the group’s revised expectations.
Chief executive, Nick Jones said: ”The completion of the additional facility with Barclays Bank plc provides Joules with further liquidity to navigate these challenging times and positions the business to continue to progress its strategic growth plans following the current period of significant disruption.
”Our e-commerce sales over recent weeks continue to demonstrate the strength of the Joules brand and the loyalty of our customer base. We know that further challenging times are ahead, but we are confident that, with the continued support of our colleagues, customers and the wider Joules community of suppliers and partners, Joules is well positioned to manage these challenges.”
Drapers’ coronavirus update:
We’re working to keep delivering to your doorstep. If your magazine is delivered to your office and you’d like to change this, please email firstname.lastname@example.org or call 01604 828 705.
As a subscriber you can also read the digital editions of the magazine, which can be found under the ‘My Account’ tab on the main navigation bar.
Finally, make sure you’ve signed up to our newsletters by visiting ‘My Account’ and ‘Newsletters’.