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John Lewis repays 300 million pound Covid loan

Business

John Lewis repays 300 million pound Covid loan

By Don-Alvin Adegeest

22 Jan 2021

John Lewis has repaid a 300 million pound Covid relief support loan earlier than scheduled. After a holiday season of positive trading the British retailer had enough liquidity to return the funds, reported the Financial Times.

The loan was due for repayment on March 15 and is part of the central bank’s corporate financing facility “under which it buys commercial paper issued by companies that have an investment grade credit rating, last March. More than 200 large businesses have tapped the scheme to date, many of which have repaid already,” said the Financial Times.

Last week John Lewis suspended its click and collect services in a bid to tighten safety measures after a “change in tone” from the government over the virus. The department store will also pause in-home services, unless they are “essential to customers’ wellbeing”.