// Joules raises £15m to shore up balance sheet
// The funding will provide it with enough liquidity to get through a “downside scenario”
Joules has raised £15 million from investors in a bid to shore up its balance sheet amid the coronavirus pandemic.
The fashion and lifestyle retailer said the funding will provide it with enough liquidity to get through a “downside scenario” as well as allow it to “emerge relatively stronger from this unprecedented situation”.
The funds were raised by placing 18.75 million new ordinary shares, priced at 80p each, by way of an accelerated bookbuild.
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Peel hunt and Liberum Capital acted as joint bookrunners on the placing.
“This placing will help Joules to deliver its long-term growth plans as well as supporting the business to successfully navigate through the current unprecedented trading environment,” Joules chief executive Nick Jones said.
“I would like to take this opportunity to thank all our colleagues, customers and the wider Joules community of suppliers and partners for their continuing support throughout this challenging period for us all.
“We are delighted with the levels of support from our shareholders which reflects broad recognition of the strength of the Joules brand and our business model as well as our exciting, long-term prospects.”
Last month, Joules said it was taking ”prudent actions” after reporting a decline in footfall and revenue thanks to the pandemic.
It said its key retail channels performed in line with expectations following its interim results on January 21.
However, since the outbreak, Joules said it has seen a steep decline in footfall and revenue, while its online division has also been impacted, albeit to a lesser extent.
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