UK's Joules set to expand after securing funding
today Jun 11, 2015
Joules, the British fashion and lifestyle retailer, has received £11m in additional credit facility from Barclays financing.
The company will use some of the money to expand in Europe and North America. Joules, which has seen significant growth recently and has 99 UK stores, has also invested in e-commerce, which makes up 25% of its sales, and wholesale operations.
Tom Joule, CEO and founder of Joules said: "We welcome Barclays’s continued support to help us achieve our strategic growth aspirations in overseas markets. This extended facility allows us to widen the appeal of the fun, quirky, British-born Joules brand internationally. We will continue to invest in our multi-channel offering as well as growing our home market and our loyal customer base."
Commenting on the funding, Jim Quantrill, Relationship Director at Barclays Corporate said: “Joules is a British lifestyle brand which is recognised for its high quality product range. The company has a strong management team and this extension, which takes our facility for the business up to £26million, will enable the business to capitalise on opportunities which will open up the Joules brand to new markets."
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