Pet company marks record year with acquisition
Pet chain Jollyes has capped off a record year with the acquisition of Midlands-based Penparc Pet Centre Group as it sets its sights on £100m turnover.
Jollyes has bought Penparc’s five stores in Cannock, Stafford, Stoke-on-Trent, West Bromwich and Telford.
The move, following the opening of a new store in Southport on Saturday, takes the number of Jollyes stores to 80.
With seven other openings planned across the UK over the coming weeks, the retailer is on track to open 20 new stores by May 2023.
Jollyes also today released very strong trading results for the full year to 29 May 2022.
Turnover over the year grew to £86m – a 15% increase while its headcount has grown by 164 over the year – almost 25%.
Over the period, Jollyes also added seven new stores, organically and through the acquisition of The Pet Store in Yorkshire and Bannerbrook Pets in Coventry.
The company has set out ambitious plans for its 2023 financial year in which its expects to recruit an additional 100 roles across the UK – 80 in new stores and 20 in back office functions to support its expansion.
It is also aiming to grow revenue so it becomes a £100m-plus turnover business by the end of its 2023 financial year.
Jollyes expects family-run Penparc to be a complementary addition to the business, giving it a significant presence in the Midlands.
Penparc started with a single shop in Cannock in 1990.
The purchase is the latest move by Kester Capital-backed Jollyes to accelerate growth and has been completed with financial support from HSBC.
Jollyes CEO Joe Wykes said: “The dedication of the Penparc team to their pet-owning customers have made them legendary in the towns they trade. We couldn’t be prouder to bring them into the Jollyes team.
“Whether organically or through acquisition, we remain ambitious as we seek other opportunities to grow.”
Penparc director Richard Allen said: “We’ve got to know Jollyes well over the last few months and we’re confident that we’ve found a buyer who shares what makes us special and will be a good steward for the business, our colleagues and customers in the years to come.”