Asda co-owner TDR Capital has snapped up management of pet store chain Jollyes.
The personal fairness agency, which additionally owns pub group Stonegate and David Lloyd Leisure, has purchased a majority stake within the firm from earlier proprietor Kester Capital.
Former Asda boss Andy Bond, who will develop into Jollyes’ chairman, and firm administration can even take stakes within the business.
Jollyes stated the deal will enable it to hurry up its retailer enlargement plan throughout the UK because it seeks to tackle Pets at Home.
The retailer at present has 99 shops throughout the nation and can open its a hundredth web site later this week.
Joe Wykes, chief govt officer, stated it has been opening websites at a charge of 1 a month however believes it may well roughly double this following the funding.
“We are really excited to have made the deal with TDR as we felt they really clearly understood the business and our customers,” he informed PA.
“We now have the right financing to allow us to accelerate the site-opening regime.
“The next phase will involve a lot of aspects, including finding the right sites, and parts of that can take time, but we know there are opportunities out there.”
He stated the brand new homeowners share their perception that there’s a possibility to shut on the sector’s largest retailer, Pets at Home.
Mr Wykes stated: “At around 100 sites, for a second-largest group, there is still quite a gap between us and Pets at Home and their 400-plus shops.
“Demand recently has continued to be really positive, I think partly because of our value proposition, so I think this just puts us in a really good place moving forward.”
The acquisition deal is anticipated to finish in April.
Gary Lindsay, managing accomplice at TDR Capital, stated: “In Jollyes, we identified a solid business with excellent foundations and significant potential to grow even more ambitiously in the years to come.
“We are confident that Jollyes can further cement itself in the pet retail sector and increase the competitiveness of the market, which will benefit customers, colleagues and suppliers alike.”
Adam Maidment, managing accomplice at Kester Capital, stated: “I’m incredibly proud of what we have achieved with Jollyes.
“We have doubled the workforce, doubled the revenue and more than doubled the profitability, building one of the largest speciality pet retailers in the country.”
