Pets Corner makes new furry friends after buying rival chain Pampurred Pets for £6m
Pets Corner, the high street retailer dedicated to furry and scaly critters, has bought rival business PamPurred Pets for £6m to create the UK's second biggest pet chain.
The Sussex-based company was founded by husband and wife team Mark and Sandra Richmond in 1968 and has since grown to 110 stores across the UK.
The acquisition will add another 51 stores to their pet empire, making the UK's second biggest retailer by shop numbers behind its larger listed rival Pets at Home.
The combined companies are expected to generate a turnover of around £45m this year and earnings before interest,tax, depreciation and amortisation (ebitda) of £6m.
Pets Corner said it will continue running PamPurred Pets as a separate business but plans to rebrand the stores, which are located across southern England and Wales, over the next few years.
Cavendish Corporate Finance advised on the £8m debt raising for the acquisition, with Natwest providing the debt facility. Partner Nick Jones led the advisory team.
Pets Corner managing director Dean Richmond, said: “PamPurred Pets’ stores are ideally positioned to complement and enhance our existing portfolio and reach our core customer base.
“The addition of PamPurred Pets enables us to bring the Pets Corner Difference to new customers whom we hope will enjoy the benefits of our exceptional expert advice and high quality products in a place that is convenient for them.”