Joules acquires new Head Office ahead of new store opening in Ambleside

British lifestyle brand Joules has acquired a 30,000 square foot office building and land in its home town of Market Harborough for 4.4 million pounds. The premium brand aims to transform the premises into its new head office.

The property, which is formally known as Compass House, is adjacent to Joules' existing head office and includes the adjoining development land and car parking spaces. Joules is set to refurbish the space to become its new head quarters over the next coming months.

The acquisition of the location will be funded through a new 3.5 million pounds five-year loan, arranged with Barclays Bank. Joules is also extending its existing 25 million pounds revolving credit facility with the bank by 14 months to July 2021.

The board stated that the acquisition is set to provide their business with the capacity needed to support its long-term growth objectives. Joules added that the transaction is anticipated to be earnings neutral throughout the period of refurbishment.

"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.Joules is growing quickly and this represents another important step in supporting the brand’s long-term growth in the UK and internationally," said Colin Porter, chief executive of Joules in a statement.

"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."

The announcement comes as Joules prepares to open its latest store in Ambleside on Friday, July 7. Located at 10 Market Cross, 48 Compston Road, the new store features Joules iconic use of colours and prints, which are all hand drawn by its talented in-house team.

"We’re thrilled to be opening a new Joules store in Ambleside," said Tom Joule, Founder of Joules. "We are really looking forward to bringing our unique personality and style to shoppers over the coming months. The new store will create 10 new jobs, which is great news too."

Photo: Courtesy of Joules