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May 7, 2021

Joules establishes ESG-linked financing facility

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.

By Giacomo Lee

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.

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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:

  • 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.”

Related Companies

Free Report
img

How can your business build resilience within the ESG space?

ESG is a key theme impacting companies across all sectors globally. It has emerged as the top theme among company filings, with a rising focus on SDG 16 (Peace, Justice, and Strong Institutions) amidst current geopolitical tensions and sustainability-driven investments. Leading sectors with the highest active jobs in this space include aerospace and defense, automotive, banking and payments, construction, and consumer, with many companies actively looking to establish ESG-related expertise. For more information related to company filings and job analytics, as well as key insights across the latest news, deals, and patents, consult our full report. This report will help you to:
  • Identify the top trending themes relevant to ESG across all sectors
  • Monitor investment and innovation landscape in ESG
  • Track key events and social media mentions related to ESG
Download our full report to understand how you can use GlobalData’s trusted insight to develop your business in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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