Asda co-owner TDR Capital swoops on pet store chain Jollyes
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 from earlier proprietor Kester Capital.
Former Asda boss Andy Bond will grow to be Jollyes’ chairman, and firm administration will take stakes within the enterprise.
Jollyes stated it might now velocity up its UK enlargement plan to tackle Pets at Home. It has 99 shops and opens its one centesimal this week.
Joe Wykes, chief govt, stated it has been opening one a month however can roughly double this following the funding.
Controlling stake: Private fairness agency TDR Capital has purchased a majority stake in pet store chain Jollyes from earlier proprietor Kester Capital
‘We are really excited to have made the deal with TDR as we felt they really clearly understood the business and our customers.
The next phase will involve a lot of aspects, including finding the right sites but we know there are opportunities out there.’
He added: ‘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.’
The acquisition deal is predicted to finish in April.
Gary Lindsay, managing companion at TDR Capital, stated: ‘We identified a solid business with excellent foundations and significant potential to grow even more ambitiously.
‘We are confident Jollyes can further cement itself in the sector and increase the competitiveness of the market.’
Adam Maidment, managing companion at Kester Capital, stated: ‘I’m extremely happy with what we now have achieved with Jollyes.
‘We have doubled the workforce, doubled the revenue and more than doubled the profitability.’
