Joules set for overseas expansion after securing 11 million pounds in funding

British lifestyle label Joules has secured additional funding from Barclays Corporate bank to support its expansion plans across Europe and North America. The additional credit, worth 11 million pounds brings the extended facility Joules has received from Barclays to 26 million pounds.

"Joules is a British lifestyle brand which is recognised for its high quality product range," said Jim Quantrill, Relationship Director at Barclays Corporate on the funding. "The company has a strong management team and this extension, which takes our facility for the business up to 26 lillion pounds, will enable the business to capitalise on opportunities which will open up the Joules brand to new markets."

The high street label has witnessed significant growth over the past few years after building up its UK retail presence to 99 stores across the country. With 91 percent of its turnover coming from the UK, Joules has set its sights on increasing international sales which increased by 44 percent during the year to May, 2014 and where fuelled by strong demand in the US and Germany.

"We welcome Barclays’s continued support to help us achieve our strategic growth aspirations in overseas markets," said Tom Joule, CEO and founder of Joules. "This extended facility allows us to widen the appeal of the fun, quirky, British-born Joules brand internationally. We will continue to invest in our multi-channel offering as well as growing our home market and our loyal customer base."