British Lifestyle Brand Joules Adds Funding and Takes Action Amid COVID-19 Impact
- Joules adds £15m to existing debt facility with Barclays Bank
- Retailer takes ‘significant’ actions to conserve cash amid coronavirus crisis
- E-commerce channel remains open and performing well
- Raised nearly £35,000 for NHS Charities Together with ‘Rainbow Edit’ collection
- Donated 50,000 masks to local health services
Joules, a British lifestyle brand, has secured an additional £15 million in its existing credit facility with Barclays Bank due to the coronavirus crisis. The retailer is taking proactive measures to conserve cash amid global economic uncertainty, including cooperation from stock suppliers, non-stock suppliers, landlords, and employees. These actions, combined with a recent equity placing and an increase in the group’s revolving credit facility (RCF), have significantly strengthened Joules’ balance sheet. The company’s net debt position as of April 19 was £6.9 million with £43.1 million of available headroom. Joules’ e-commerce channel remains open and is performing better than expected, while the retailer has raised nearly £3,500 for NHS Charities Together through its ‘Rainbow Edit’ collection. Additionally, Joules has donated approximately 50,000 masks to local Leicestershire health services as part of its support for key partners and the provision of personal protective equipment (PPE). CEO Nick Jones expressed confidence in the company’s ability to manage challenges ahead with continued support from employees, customers, and suppliers.
Factuality Level: 10
Factuality Justification: The article provides accurate information about Joules’ financial situation, actions taken during the pandemic, and its support for NHS Charities Together and local health services.
Noise Level: 3
Noise Justification: The article provides relevant information about a company’s response to the COVID-19 crisis, including financial actions taken and support for NHS Charities Together. It also highlights the strength of the brand during this period. The information is not overly repetitive or misleading, and it stays on topic without diving into unrelated territories.
Financial Relevance: Yes
Financial Markets Impacted: Joules, Barclays Bank
Financial Rating Justification: The article discusses the addition of £15m to an existing credit facility between Joules and Barclays Bank due to the coronavirus crisis and the company’s efforts to conserve cash. It also mentions the retailer’s e-commerce channel performance, which impacts its financial situation.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: The article discusses the impact of the coronavirus crisis on a retailer’s financial situation and its efforts to navigate through it, but does not mention an extreme event in the last 48 hours.
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