Is Jollyes up for sale?
Reports suggest the business is for sale, but the British pet retailer hasn’t confirmed.
News has surfaced that London-based private equity (PE) firm Kester Capital is working on “strategic options” for Jollyes, including the sale of the business for £100 million ($125.8M/€116M).
The Times published that the PE firm is working together with financial advisors at Houlihan Lokey, a global investment bank with expertise in mergers and acquisitions.
In a conversation with GlobalPETS, a spokesperson at Jollyes said that the company can’t comment on the market. “Jollyes is a successful and rapidly expanding UK pet superstore ambitious for further growth,” they added.
The rumors come a few days after the pet retailer released its earnings for the 6 months to 27 November 2023, where it hit total sales of £70 million ($88M/€81.7M). This is a 31% increase compared to the same period in 2022.
Like-for-like sales were also up by 19% compared to the previous year.
During the 6-month period, 8 new stores were opened. Earlier in the year, the pet retailer said it was on track to open its 100th store in 2023.
Jollyes was recently awarded by the Pet Industry Federation (PIF) as the Pet Retailer of the Year.
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