// Joules secures £15m credit boost
// The retailer has seen a high demand in online sales
// Net debt position on April 19 was £6.9m with £43.1m of available headroom
Joules has confirmed the completion of a £15 million increase to its revolving credit facility (RCF), after posting better than expected online sales.
The lifestyle retailer said the increase, combined with action it has taken with the help of suppliers and landlords to mitigate the impact of coronavirus, “has significantly strengthened Joules’ balance sheet”.
The group’s net debt position on April 19 was £6.9 million with £43.1 million of available headroom.
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Joules said it has “sufficient liquidity headroom to manage a Covid-19-related downside scenario and the resources to emerge relatively stronger from this unprecedented situation”.
“Customer traffic and demand to Joules.com has been running ahead of the group’s revised expectations, set at the time of entering the UK government’s lockdown period, and we continue to see strong levels of customer engagement with the brand across our social media channels and with our digital marketplace,” Joules said.
Online sales usually account for half of the group’s overall retail sales.
Joules chief executive Nick Jones said: “Our ecommerce 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.”
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