Lifestyle retailer Joules has secured a £15 million increase to its credit facility to help it through the coronavirus crisis.
The firm, which is headquartered in Market Harborough, Leicestershire, has received the backing from Barclays Bank.
It follows on from an equity placing announced by Joules earlier this month, which has since raised £15 million.
To date, Joules has taken a number of mitigating actions to conserve cash while the coronavirus lockdown continues.
The retailer said its net debt position was £6.9 million, with £43.1 million of “available headroom”.
While the firm’s shops may be closed due to the Government’s social distancing rules, Joules’ e-commerce channel continues to trade.
Its online activity typically accounts for around half of its overall retail sales.
Joules said customer demand was being “managed carefully” to ensure its distribution centre partner could operate safely and in accordance with government and health authority guidance.
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At the same time, the firm has been playing its part to support the fight against coronavirus, raising £35,000 so far for NHS Charities Together with a ‘Rainbow Edit’ collection launched earlier this month.
It has also been using its supply chain to support Leicestershire health services and key partners through the provision of PPE, with a donation of around 50,000 masks sourced so far.
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Chief executive Nick Jones said: "The completion of the additional facility with Barclays Bank provides Joules with further liquidity to navigate these challenging times and positions the business to continue to progress its strategic growth plans following the current period of significant disruption.
"Our e-commerce sales over recent weeks continue to demonstrate the strength of the Joules brand and the loyalty of our customer base.
"We know that further challenging times are ahead, but we are confident that, with the continued support of our colleagues, customers and the wider Joules community of suppliers and partners, Joules is well positioned to manage these challenges."