The John Lewis Partnership has closed applications for its retail bond after reaching its investment target of £50 million more than three weeks ahead of the latest possible purchase date.

The bond, which was offered on a first-come-first-served basis, opened to subscriptions on 7 March and had a cut-off time of 5pm 11 April.

 Available to qualifying individuals (Partnership Card holders, Account Card holders and current Partners) with a lump sum of between £1,000 and £10,000 (in multiples of £1,000), the five-year investment product has a fixed annual return of 4.5% in cash with a further 2% paid in John Lewis Partnership gift vouchers.  

Charlie Mayfield, Chairman of the John Lewis Partnership, said: “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%.”