Joules secures new sustainability-linked financing facility

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Joules Group PLC (LON:JOUL) announced it has established a new sustainability-linked financing facility with Barclays.


It includes a GBP25mln revolving credit facility and a GBP9mln term loan valid until September 2024.


READ: Joules appoints top Moneysupermarket executive as chief financial officer


Their margin will be linked to the fashion retailer’s three sustainability performance target aligned with its ESG goals.


It means the AIM-listed retailer needs to cut its carbon emissions, deliver 100% more sustainable materials in the manufacturing of its products and increase its employee engagement score.


The progress on these targets will be reported alongside its financial results.


“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 chief financial officer Marc Dench.


“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.”


Shares rose 2% to 241.11p on Thursday morning.


–Adds shares–

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