Joules Group plc Acquisition of freehold premises and land (2602K)

TIDMJOUL

RNS Number : 2602K

Joules Group plc

06 July 2017

6 July 2017

Joules Group plc

('Joules' or the 'Group')

Acquisition of freehold premises and land for new Head Office

Joules, the premium British lifestyle brand, today announces that it has agreed the acquisition of a freehold interest in a 30,000 square foot office building in the Group's home town of Market Harborough for a total investment of GBP4.4 million including stamp duty and fees (the "Acquisition").

The property, known as Compass House, is adjacent to Joules' existing head office location and the Acquisition also includes the adjoining development land and car-parking space. The property will become the Group's new head office following a period of refurbishment.

The Acquisition will, in part, be funded through a new GBP3.5 million, five-year, term loan facility arranged with Barclays Bank Plc. The Group is also extending its existing GBP25 million revolving credit facility with Barclays Bank Plc by 14 months to July 2021.

The Board believes that the Acquisition provides the Group with the capacity to support its long term growth objectives. The transaction is anticipated to be earnings neutral throughout the period of refurbishment and earnings accretive following full occupation of the site, anticipated in FY19.

Colin Porter, Chief Executive Officer of Joules, commented:

"We are very pleased to announce the acquisition of a new head office in the Joules home town of Market Harborough. 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.

Our skilled and dedicated people are the heart of our business. 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."

Enquiries:

 
 Joules Group plc            Tel: [phone] 
                              435 255 
 Colin Porter, CEO 
  Marc Dench, CFO 
 Hudson Sandler (Financial   Tel: +44 (0) 20 
  PR)                         7796 4133 
 Alex Brennan 
  Lucy Wollam 
 Peel Hunt LLP, Nominated    Tel: +44 (0) 20 
  Advisor                     7418 8900 
 Dan Webster 
  Adrian Trimmings 
  George Sellar 
 Liberum Capital Limited     Tel: +44 (0) 20 
                              3100 2000 
 John Fishley 
  Joshua Hughes 
 

Joules - 'a premium lifestyle brand with an authentic British heritage'

Established in Britain by Tom Joule nearly three decades ago, Joules is a premium lifestyle brand with an authentic heritage.

A true multi-channel lifestyle brand, Joules carefully designs clothing, footwear and accessories for women, men and children, as well as an expanding range of homewares, toiletries and eyewear collections, with personality to match those of its customers' colourful and uplifting outlooks, available through its own retail stores, online, rural shows & events and wholesale channels.

Quality, Britishness, family values, colour and humour make Joules stand out from the crowd. This approach, along with an unwavering attention to detail, and drive to surprise and delight its customers with unexpected product details, remain at the heart of everything Joules creates and has been central to the brand's success and expansion.

www.joules.com | www.joulesgroup.com

This information is provided by RNS

The company news service from the London Stock Exchange

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July 06, 2017 02:00 ET (06:00 GMT)