LONDON (Reuters) - Department store chain John Lewis said it planned to raise 50 million pounds by launching a retail bond, the first time the employee-owned company has made such an offer.
The five-year fixed-rate bond will be launched Monday and offered to cardholders and staff.
“The Partnership Bond issue is in keeping with HM Treasury’s desire to develop non-bank lending channels to help improve macroeconomic resilience in the longer term,” said Charlie Mayfield, Chairman of the John Lewis Partnership.
John Lewis is expected to announce a rise in profit of about 15 percent when it posts 2010 results Wednesday, as its affluent customer base has continued to spend during the downturn.
Reporting by Rosalba O'Brien; Editing by Jon Loades-Carter