British lifestyle brand Joules has extended and converted its current credit facility with Barclays Bank to an Environmental Social and Governance (ESG) linked financing arrangement.

The new financing agreement links the margin on the facility with Joules’s performance against three Sustainability Performance Targets (SPTs) that are aligned with its ESG focus areas. Under the terms of the agreement, Joules will benefit from a lower interest rate loan margin if the group delivers on the following targets:

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
  • Reducing its carbon emission intensity;
  • Delivering 100% more sustainable materials in the manufacturing of its products; and
  • Increasing its employee engagement score.

The details of the targets and progress against them will be reported alongside the publication of the group’s annual results and its Responsibly Joules update each year. 

Its current funding arrangements with Barclays include a GBP25m revolving credit facility and GBP9m term loan, to September 2024.

“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,” said Joules CFO, Marc Dench.

“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.”