British lifestyle brand Joules has received an additional credit facility worth £11m to fund its further growth in Europe and North America.
The extended facility from Barclays Corporate bank takes its total to £26m.
Jim Quantrill, relationship director at Barclays Corporate, said: “Joules is recognised for its high-quality product range. The company has a strong management team and this extension will enable the business to capitalise on opportunities, which will open up the Joules brand to new markets.”
Some 91% of Joules’ turnover comes from the UK, where it has 99 stores. However, its international sales grew by 44% during the year to May 25, 2014, driven by strong performance in the US and Germany. It brought its German distribution in-house last year and has since grown sales in the country.
The brand’s founder and chief executive Tom Joule said: “The extended credit facility allows us to widen the appeal of the Joules brand internationally. We will continue to invest in our multichannel offering, as well as growing our home market and loyal customer base.”
Joule has also been shortlisted for the PwC Chief Executive of the Year Award at the UK Private Business Awards. The winners will be announced at a gala dinner in London on September 30.