Joules, the British “country lifestyle” brand, has bought the freehold interest in a 30,000 sq ft office building in its home town of Market Harborough, Leicestershire, for a new head office.
Joules acquired the building for £4.4m including stamp duty and fees.
The property, known as Compass House, is adjacent to Joules’ existing head office and includes the adjoining development land and car-parking space. Joules will move into the building in 2019 after a refurbishment.
The acquisition will be part funded through a new £3.5m, five-year, term loan facility arranged with Barclays Bank. The group is also extending its existing £25m revolving credit facility with Barclays Bank by 14 months to July 2021.
Joules chief executive Colin Porter said: “Joules is growing and we are confident that this represents another step in supporting the brand’s long-term growth.
“This move will enable us to bring our head office teams together in a modern and collaborative working environment.”
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