Joules, the Market Harborough-based lifestyle brand, has raised £15m by placing a total of 18,750,000 new ordinary shares by way of an accelerated bookbuild process.
Peel Hunt and Liberum acted as joint bookrunners on the placing.
The proceeds of the placing are to provide the company sufficient liquidity headroom in the COVID-19 crisis, as well as allow the company to “emerge relatively stronger from this unprecedented situation.”
Nick Jones, Chief Executive Officer of Joules, said: “This placing will help Joules to deliver its long-term growth plans as well as supporting the business to successfully navigate through the current unprecedented trading environment.
“I would like to take this opportunity to thank all our colleagues, customers and the wider Joules community of suppliers and partners for their continuing support throughout this challenging period for us all.
“We are delighted with the levels of support from our shareholders which reflects broad recognition of the strength of the Joules brand and our business model as well as our exciting, long-term prospects.”