John Lewis bond closes after less than two weeks
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.
A property chain is a line of buyers and sellers (the “links”) who are all simultaneously involved in linked property transactions. When one transaction falls through – for instance, someone can’t get a mortgage or simply withdraws their property from sale, the entire chain breaks and all the transactions are held up or even fail entirely.