Banking & Finance | Corporate
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Foot Anstey LLP has advised Jollyes, the pet people company, on its latest acquisition of Midlands-based Penparc Pet Centres.
The acquisition means that Jollyes has added five additional stores (Cannock, Stafford, Stoke-on-Trent, West Bromwich and Telford) to its portfolio, bringing the total of stores in the UK to 80, an increase of 13 since 2021.
The Foot Anstey Banking and Finance team negotiated and drafted an amendment and restatement of the Jollyes facilities with HSBC which, amongst other changes, increased the facilities in order to fund the acquisition in the agreed time and provided additional headroom to fund the repayment of certain unsecured loan notes. The team was led by Toby Larkham (Managing Associate) and included Katie-Jane Rees (Partner), Caitlin Shasby (Solicitor), Ben Smith (Trainee Solicitor) and Giles Tidy (Paralegal).
Jollyes has been backed by private equity firm Kester Capital since 2018 and has experienced another year of high growth with total sales of £86m, up 15% year on year.
Toby Larkham, Managing Associate, said: "We were able to collaborate seamlessly with the team at Jollyes and the other advisers to achieve the result that all parties wanted within the tight timeframe given. Jollyes has generated impressive organic growth over recent years, and we are delighted to be part of its growth journey."
Joe Wykes, CEO at Jollyes, commented: “Katie-Jane, Toby and the FA team wasted no time in getting up to speed with the acquisition and refinancing, given this was our inaugural transaction together. Their flexible and pragmatic approach to communicating our requirements to the lenders in a cost-efficient manner was greatly appreciated. I now consider them a trusted business partner."
Jollyes was also advised by Burness Paull on the acquisition, HSBC were advised by Ashurst, and Travers Smith advised Kester Capital.