Jollyes has secured significant backing from investment funds managed by TDR Capital LLP to enable it to accelerate its UK store growth plans.
The investment will enable Jollyes to continue to grow its store estate at pace, as it strengthens its position as a highly competitive number two in the UK retail pet market.
The deal with TDR Capital is expected to complete in April with retailer Andy Bond, the executive chairman of Pepco Group and a former chief executive of Asda, due to become non-executive chairman.
On completion of the investment, TDR Capital will take a majority stake in Jollyes alongside Mr Bond and management.
Jollyes said the investment will help to provide important new growth and support customers, staff and suppliers.
Jollyes chief executive Joe Wykes said: “Jollyes has been growing at pace over the past two years, with our people providing pet parents a level of expertise and service that is hard to find.
“This new investment will help us build a much bigger stage, accelerating our growth plans and giving us the resources we need to bring more value to more places.
“We look forward to partnering with TDR on the exciting next phase of our growth in the UK.”
Mr Wykes thanked chairman Richard Cotter for his stewardship of Jollyes over the last six years and formally welcomed Mr Bond to the board.
“Andy’s retail credentials and ‘know-how’ in the value sector make him an ideal chair for Jollyes, customers and colleagues,” Mr Wykes said. “I’m looking forward to his counsel and guidance as we continue to grow at pace.”
Gary Lindsay, managing partner at TDR Capital, said: “It is fantastic to be partnering with Joe and the Jollyes team to provide even more momentum behind the strong growth of recent years.
“In Jollyes, we identified a solid business with excellent foundations and significant potential to grow even more ambitiously in the years to come.”
Mr Lindsay continued: “Through our investment, we will deploy our significant retail expertise and support the company in rolling out its store expansion plans even more rapidly, including opening more grooming and veterinary-led community pet clinics.
“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.”
