Joules splashes out £4.4m for new headquarters

464
Joules

Joules has agreed to purchases a 30,000sq ft office building in the retailer’s home town of Market Harborough for £4.4 million.

Located adjacent to Joules’ existing head office, the retailer is expected to refurbish the newly-acquired premises known as Compass House and make it its new head office.

The board said the new office will provide the high street chain with the capacity to support its long-term growth objectives.

“We are very pleased to announce the acquisition of a new head office in the Joules home town of Market Harborough,” chief executive Colin Porter said.

READ MORE:  Joules revenues jump 20% as it brushes aside fashion sector anxiety

“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.”

The new office purchase  will, in part, be funded through a new £3.5 million five-year term loan facility arranged with Barclays Bank.

Joules said it was also extending its existing £25 million revolving credit facility with Barclays by 14 months to July 2021.

Click here to sign up to Retail Gazette‘s free daily email newsletter