Lead Forensics

Joules arranges Barclays loan linked to environmental targets

Clothing retailer Joules has agreed on a new finance loan from Barclays Bank, whose low interest rate is linked to sustainability and low carbon emissions. As long as Joules meets carbon emission targets and uses materials that are more sustainable, the interest rate on the loan will be kept low.

According to Drapers, the CFO of Joules, Marc Dench, said:

“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.”

Another condition of the loan is to increase the staff engagement rating of the company.

Joules is one of many fashion retailers that have expanded their online operations in response to shops being closed during the Covid-19 lockdowns. Though garment shops are now open, many customers now prefer online shopping. Online expansion means the growth of warehouse space to stock more items and process orders.

Joules believes that with growth comes responsibility. Online operations have an environmental impact, but there are many ways to reduce this.

Electric cars are one option to reduce the carbon footprint by replacing the many diesel vehicles used to deliver goods to the warehouse and customers.

A warehouse equipment manufacturer that supplies retailers like Joules with garment rails can use tubular steel, which is recyclable. Steel does require a lot of energy to produce, but steel manufacturers are looking at ways to produce steel using technology that reduces carbon emissions.

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