Jollyes acquires Penparc Pet Centres to accelerate growth – Retail Times
Alongside publishing details of its strong FY22 performance, Jollyes, The Pet People today (5 July) announced it was acquiring Midlands-based Penparc Pet Centre Group to accelerate its growth.
With the support of HSBC, Jollyes has bought Penparc’s five stores in Cannock, Stafford, Stoke-on-Trent, West Bromwich and Telford which become part of the Jollyes family from today.
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 deliver on its promise 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 full year grew to £86m – a 15 per cent increase.
- Jollyes’ headcount has grown by 164 over the year – almost 25 per cent – in stores and at its Waltham Abbey support centre as it supports its growth.
- During the full year Jollyes also added seven new stores, organically and through the acquisition of The Pet Store in Yorkshire and Bannerbrook Pets in Coventry.
- The investment in an extended logisitics contract with Wincanton in Wigan that introduces backhauling arrangements with eight suppliers that have led to 50,000 fewer road miles
- Overhauled and relaunched its Lifestage private label food leading to a 70 per cent-plus increase in sales.
Jollyes plans to build on its current trading performance with ambitious plans for FY23. During the current full financial year, it expects to:
- Recruit an additional 100 roles across the UK – 80 in new stores and 20 in back office functions to support its expansion.
- Open an additional eight new stores in FY23.
- Grow revenue so it becomes a £100m-plus turnover business by the end of its 2023 financial year cent.
- Step-up its private label development, introducing new Lifestage artisan ranges alongside other launches.
Jollyes expects family-run Penparc to be a highly complementary addition to its family, giving it a significant presence in the Midlands.
Penparc started with a single shop in Cannock in 1990 and has built a strong following for its focus on customer service and quality pet foods and accessories.
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.”
The eight new stores opened by Jollyes in the past year included Cookstown in Northern Ireland in March, Wrexham in May, Stirling in June and Southport on 2 July.
Planned future openings include Poole, Stockton-on-Tees, Warrington and Billingshurst in West Sussex, as well as three in Scotland at Glenrothes, Robroyston and Hermiston Gait near Edinburgh.
That pace of growth which has seen Jollyes grow its store estate by almost 30 per cent in a little over a year, makes it one of the fastest growing physical retailers in the UK.
On its FY22 performance, executive chairman Richard Cotter said: “While we’re delighted with the numbers, our performance is about people and a passion for pets. Our performance is simply a consequence of us transforming our business to empower our people to provide products that meet the needs of Britain’s pet owners.
“We’re proud that this transformation is now leading to 100 additional opportunities to join the Jollyes team in the year ahead as we double-down on our ambitious growth plans.”
In addition to its store network, Jollyes has invested in distribution through a new contract with Wincanton in March, in its click and collect service, in extending online ranges and in staff training to increase the number of colleagues qualified to dispense certain veterinary medicines.
It has also forged closer links with key suppliers to refresh and extend popular ranges such as its exclusive Lifestage dry and wet dog food. It has also recently rolled out freezers to 15 stores as customers look to take advantage of the money-saving power of frozen pet food.
Alongside publishing details of its strong FY22 performance, Jollyes, The Pet People today (5 July) announced it was acquiring Midlands-based Penparc Pet Centre Group to accelerate its growth. With the support of HSBC, Jollyes has bought Penparc’s five stores in Cannock, Stafford, Stoke-on-Trent, West Bromwich and Telford which become part of the Jollyes family from…
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