Investec Growth Acquisition Finance (GAF) today announced that it has backed Pet Family, an up market pet retail group selling specialist natural and ethical pet foods, accessories and treatments, with a debt funding package.
Pet Family owns and operates a portfolio of more than 150 pet retail, care and grooming outlets across the south of the UK. This includes Pets Corner, the UK’s leading up-market pet retailer stores differentiated by premium quality products and highly-trained staff. Pet Family also acquired PamPurred Pets, a portfolio of 49 stores, in May 2016, and has invested to rebrand these.
Pet Family is continuing its ambitious growth program, and the Investec loan will be used support this alongside the refinancing of Pet Family’s existing debt facility.
Alongside improvements to infrastructure and capacity, Pet Family will continue to rebrand and update its stores, as well as further investing into its online sales platform which contributed material revenue in the last financial year. Like for like sales increased by more than 6 per cent between October 2017 and June 2018.
Dean Richmond, CEO at Pet Family, commented:
“We have worked with a number of banks over the years and have struggled to find any who understand how our business works or the opportunities we wish to pursue. That’s frustrating when we are doubling profits and growing like for like sales significantly.”
“Investec understand that even in industries under ‘pressure’ there are companies that can flourish and working with them has been fantastic and really encouraging. I am very excited for the future in finally having a bank that actually wants to be part of our growth and success.”
The pet supply industry has performed well in the face of a difficult backdrop for the wider retail industry: PFMA data showed that the value of pet food sales in 2017 was £2,655m, a 4 per cent increase on 2015.
Investec’s Stephen White commented:
“Bricks and mortar retail is proving challenging for many firms at the moment, but Pet Family has demonstrated consistent growth through a focus on quality products and high levels of customer service. By looking at the bigger picture, understanding the management team’s strategy and spending time getting to know the business, we were able to structure a debt package in a way that puts Pet Family in the best possible position to continue its growth.”
Browne Jacobson were the lawyers acting for Investec on this deal.
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Luke O’Mahony (media relations)
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Notes to editors
Investec Specialist Bank
Investec is a specialist bank that provides a diverse range of financial products and services to a niche client base in three principal markets: the United Kingdom, South Africa and Australia, as well as certain other countries.