Joules has acquired a new head office that boss Colin Porter hails an “important step” in the retailer’s growth plan.
The retailer, based in the town of Market Harborough, has snapped up the 30,000 sq ft building neighbouring its current office for £4.4m.
The acquisition is being funded by a new £3.5m five-year loan with Barclays and by a 14-month extension of an existing £25m revolving credit facility with the bank.
The property, known as Compass House, will be the group’s new head office following a refurbishment.
Porter said: “Joules is growing quickly and we are confident that this represents another important step in supporting the brand’s long-term growth both in the UK and internationally.
“This move will enable us to bring our head office teams together in a modern and collaborative working environment.
“We are confident that this will further strengthen our unique culture and brand values as well as enhancing efficiency and creativity.”
The lifestyle retailer, which sells an aspirational rural aesthetic to the middle classes, has been growing at a rate of knots.
It enjoyed a spike in sales in the first full year since its flotation and was able to ramp up profit guidance as a result.
Group revenues jumped 19.6% to £157m during the 52 weeks to May 28, with both wholesale and retail driving growth.