Joules, the popular lifestyle retailer, has taken a significant step towards integrating environmental, social, and governance (ESG) principles into its financial arrangements. The company has extended its funding deal with Barclays Bank, securing a £25 million revolving credit facility and a £9 million term loan, which will remain in place until September 2024. What makes this agreement noteworthy is the inclusion of an ESG-linked financing arrangement.

Under this new deal, Joules will benefit from a lower interest rate loan margin if it successfully achieves its Sustainability Performance Targets (SPTs) in three crucial areas: reducing carbon emission intensity, increasing the use of sustainable materials in product manufacturing by 100%, and improving employee engagement scores. The company plans to provide regular updates on its progress against these targets alongside the release of its annual results.

This financing arrangement highlights Joules’ strong dedication to responsible and sustainable operations. By incorporating ESG goals into its financial strategy, the company is actively contributing to the well-being of its employees, the communities it serves, and the environment. CEO March Dench stressed that this renewed agreement not only enhances the company’s financial position but also aligns its sustainability commitments with its long-term financial strategy and overall performance.

Joules recognizes that, as it continues to grow, it bears a significant responsibility. By establishing a link between its financing and ESG goals, the company aims to minimize its environmental impact and positively influence the people it works with, the communities it serves, and the world as a whole. This move further underscores the importance of addressing ESG issues in today’s business landscape.

For more information on Joules’ ESG-linked financing arrangement, please visit Link 1.

To learn more about the growing significance of ESG principles in the business world, click here: Link 2.