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.
