A pet care retailer headquartered in West Sussex has secured an eight-figure funding package from HSBC UK to support its growth nationally and internationally, and to create up to 320 jobs nationwide.
Pet Family, which operates 150 stores across London and the South East of England under its Pets Corner brand, is using the multi-million pound funding to open ten new stores throughout England including in Chelmsford, Ascot, East Grinstead, Newbury and Colchester by the end of the year with more to follow.
The funding also includes an acquisition of a small retail chain and supports a four-year capital plan to roll out more retail stores, pet spas and Veterinary centres.
The funding will also fuel Pet Family’s international growth plan, with the retailer set to launch its presence in Europe by acquiring a stake in a family retailer with seven sites in Europe. Additionally, the brand plans to open stores in the USA, where it currently sells its products to the existing independent pet trade.
The new stores and planned acquisitions are expected to lead to up to 320 new full and part-time jobs in the UK, in addition to the 1,200 employees currently working for Pet Family.
As part of the HSBC UK funding package, Pet Family will draw on a revolving credit facility to pursue further acquisitions, with plans to open up to ten further new stores every year, as well as investing in launching more of its Pet Practice veterinary clinics within its existing stores.
Pet Family is targeting strong, consistent growth of at least ten per cent per year over the next three years as a result of the planned expansion.
Dean Richmond, Owner of Pet Family, 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.”
Michael Wilding, Relationship Director: “HSBC UK is proud to be supporting Pet Family as it continues its impressive growth journey, bringing new jobs and opportunities across the country. Our long-term, relationship focused approach has ensured that we’ve become a trusted partner to Pet Family, and we’re pleased to be able to be a part of this exciting phase in their growth and international expansion.”
Pet Family invests in and operates several pet focused service outlets and pet food makers across the UK including Pets Corner, Pet Practice and Dogwood grooming spas. Pet Family began as a single Pets Corner store in Haywards Heath in 1968, growing to become a high-end, family-owned supplier of pet food and services across the UK.