Pet care firm secures funding for acquisitive growth plan
Wed, 09 Aug 2023 | BUSINESS NEWS
Pet Family, a pet care retailer which operates 150 stores in London and the South East, has secured an eight-figure funding package from HSBC UK. The funding will be used to support the firm’s national and international growth, including significant M&A activity.
The company, which is headquartered in West Sussex, operates its stores under the Pets Corner brand. In the UK, it is set to use the funding to open ten new stores in England. Store openings are earmarked for Ascot, Colchester, Newbury, East Grinstead and Chelmsford by the end of 2023, with more set to follow.
It is also set to acquire a small retail chain and is targeting further openings of retail stores, veterinary centres and pet spas. The firm is planning to use the revolving credit facility to pursue acquisitions and it aims to open up to ten new stores each year, while investing more in its in-store Pet Practice veterinary clinics.
The company is also planning growth in both Europe and the US. In Europe, the funding will enable Pet Family to acquire a stake in a family retailer that has seven sites across the continent. It is also aiming to open stores in the US, a market where it currently only retails its products via the existing independent pet trade.
Pet Family owner Dean Richmond said: "The support we have received from HSBC UK over the last five years has been invaluable and we are excited to continue to grow our unique offering for pet owners who want the best products for their pet.”
"The growth of consumers wanting better products, sourced with integrity has shown no signs of slowing down, and we look forward to expanding internationally, both across Europe and in the USA with the support of HSBC UK."
Read about how M&A activity has boomed in the UK and Europe's veterinary sector.
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