The John Lewis partnership bond has reached its investment target of £50m less than two weeks after its launch on March 7.
The five-year bond was available to John Lewis partnership card holders, account card holders and current partners with a lump sum of between £1,000 and £10,000. The bond offers an annual return of 4.5 per cent in cash, with a further 2 per cent paid in John Lewis gift vouchers.
Applications for the bond, which was offered on a first-come-first-served basis, have closed three weeks ahead of the latest possible purchase date of April 11.
John Lewis partnership chairman Charlie Mayfield says: “The reaction of our cardholders has been extremely encouraging. To have reached £50m 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 per cent.”