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The owner of Jollyes, private equity firm Kester Capital, is considering a sale of the pet retailer for around £100m, according to reports from The Times.
City sources told The Times that Kester Capital, is working with financial advisors at Houlihan Lokey on “strategic options” for the business.
Jollyes currently has 98 stores in the UK, having added 31 stores to its estate in the past two years. The brand is set to open its 99th and 100th stores in March next year.
In a statement to Retail Sector, Jollyes said: “We don’t comment on market speculation. Jollyes is a successful and rapidly expanding UK pet superstore ambitious for further growth. In the past year it has broken through significant milestones, turning over more than £100m for the first time, employing over 1,000 colleagues and is on course to have more than 100 stores by early 2024. Last week we shared our progress and numbers that are ahead of the market as we meet the needs of pet parents right across the UK.”
The news follows the publication of Jollyes half year results in which it posted sales of £70m, up 33% from the £54m it posted in the same period last year.
Furthermore, the company posted like-for-like sales of 19%, up from the 17% like-for-like number recorded the year prior.
