The purchase of a majority stake by TDR Capital will be completed by the end of April 2024, enabling leading UK pet supplies chain Jollyes to accelerate its store expansion plan.
The retailer plans to lower prices by opening new stores in different locations, increasing competition in the market.
With plans to open 12 new stores in 2024 and early 2025, Jollyes has secured deals for locations in Nuneaton, Chester, Northampton and East Kilbride.
Jollyes has recently shown significant growth, with a 50% increase in the number of stores in three years, including 33 new stores in 26 months.
The company recently opened its 99th store in Belfast Connswater and is preparing to launch its 100th and 101st stores in Newport, Gwent and Rotherham, South Yorkshire, in March 2024.
The investment will also accelerate the rollout of grooming and veterinary services, aimed at reducing the overall cost of pet care.
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Jollyes is committed to being a leading retail employer, having introduced a comprehensive benefits package for its 1,200 employees.
Its new phase of growth will not only benefit customers and staff but will also create opportunities for suppliers.
Jollyes has facilitated the expansion of Durham Animal Feeds, a small supplier of raw dog food, by introducing raw frozen “shop-in-shops” in its stores.
Andy Bond, executive chairman of Pepco Group and former CEO of Asda, will become non-executive chairman following the purchase.
Jollyes chief executive officer Joe Wykes said: “This new investment will help us build a bigger stage, accelerating our growth plans and giving us the resources we need to bring more value in more places.
“We look forward to partnering with TDR in the exciting next phase of our growth in the UK.
“I would also like to thank our chairman Richard Cotter for his stewardship of this business over the past six years and formally welcome Andy Bond to our board.
“Andy’s retail credentials and knowledge of the value sector make him the perfect fit for Jollyes, customers and colleagues. I look forward to his advice and guidance as we continue to grow at pace.”
Jollyes is one of the UK’s leading pet food superstores. Credit: BearFotos via Shutterstock.com.
