John Lewis bond closes after less than two weeks

Shopping trolley

John Lewis has closed its 6.5% bond after reaching its investment target of £50 million within less than two weeks.

The bond offered customers the chance to invest in the store for the first time and of the 6.5% interest, 4.5% is paid in cash, with the remaining 2% paid in John Lewis vouchers.

The deal was open to 70,000 staff and 1.5 million Partnership and Account cardholders and the original deadline was 11 April for applications.

Charlie Mayfield, chairman of the John Lewis Partnership, says: "The reaction of our cardholders and Partners has been extremely encouraging. To have reached £50 million of subscriptions in less than two weeks after launch shows that our customers and Partners valued a mix of gift vouchers and cash return totalling 6.5%."

John Lewis declined to confirm whether it will launch  any further investment products, but hinted that it wasn't out of question.

The chain follows hot on the heels of supermarket Tesco which launched a 7.5 year bond in February, paying 5.2%.

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Fantastic news from John Lewis Group - I will certainly be investing in their great business !

Bought in at the maximum. Prepared to take the risk. M&S will go under before John Lewis so the risk is minimal. I think my £10,000 will be safe.

Was it only certain Partnership account holders because I didn't hear a thing of this?