Pet chain Penparc changes hands
A West Midlands pet store chain has changed hands.
Penparc Pet Centre Group, which has stores in Cannock, Stafford, Stoke-on-Trent, Telford and West Bromwich has been bought by Jollyes, The Pet People.
Jollyes said the deal, supported by HSBC, was to accelerate its growth.
The move, following the opening of a new store in Southport on Saturday, takes the number of Jollyes stores to 80. Seven other openings are planned across the UK over the coming weeks as the retailer is on track to deliver on its promise to open 20 new stores by May 2023.
Jollyes also released strong trading results for the full year to May 29 in which turnover grew 15 per cent to £86 million.
Jollyes’ headcount has grown by 164 over the year – almost 25 per cent – in stores and at its Waltham Abbey support centre.
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.
Jollyes plans to build on its current trading performance with ambitious plans for 2022-2023. 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.
It aims to become a £100m-plus turnover business by the end of the financial year,
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.
Jollyes chief executive 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 Wrexham in May
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 annual 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.”
