// Joules reveals ESG-linked financing facility with Barclays Bank
// The business has extended current funding arrangements with the bank, which include a £25m revolving credit facility and £9m term loan
Joules has announced an ESG-linked financing facility with Barclays Bank which extends the group’s funding to include a £25 million revolving credit facility and £9 million term loan, to September 2024.
The new financing agreement links the margin on the facility with Joules’ performance against three sustainability performance targets (SPTs) which are aligned with Joules’ ESG focus areas.
Under the terms of the agreement, Joules will benefit from a lower interest rate loan margin if the group delivers on reducing its carbon emission intensity, providing 100 per cent more sustainable materials in the manufacturing of its products and increasing its employee engagement score.
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“This extension to our financing facilities further enhances the group’s robust financial position and, importantly, further aligns Joules’ sustainability commitments, which are central to our business purposes, to the group’s long-term financial strategy and performance,” Joules chief financial officer Marc Dench said.
“With growth comes responsibility. The decision to link this financing to our ESG focus areas reflects the group’s stated commitments to create value for all stakeholders by reducing its environmental footprint and positively impacting the people we work with, the communities we’re based in, and the world around us.”