Apparel retailer Joules has successfully struck new financing arrangements and reported better than expected online sales.
Joules reported that it has completed agreement on a £15m increase in borrowing facilities following an equity raise of the same amount earlier this month.
The fashion retailer said that the increase in its revolving credit facility and share placing, combined with action it has taken with the help of partners such as suppliers and landlords to mitigate the impact of coronavirus, “has significantly strengthened Joules’ balance sheet” and given it “sufficient liquidity headroom to manage a Covid-19-related downside scenario and the resources to emerge relatively stronger from this unprecedented situation”.
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