Pet product etailers MedicAnimal and Pet Supermarket have been saved from administration after being bought by Forward Dimension Capital.
The private equity firm acquired 100% of MedicAnimal, which owns Pet Supermarket, after it filed a notice of intention to appoint an administrator on July 31. MedicAnimal is the trading name for Kokoba Ltd, which filed the notice.
It is understood the rescue package from Forward Dimension Capital was completed on Friday August 14.
The impending agreement allowed the etailers to resume trading after their websites temporarily ceased selling.
As part of the deal Forward Dimension Capital partner David Rigby will join the board of MedicAnimal as executive chairman. Rigby also sits on the board of Forward3D, Rare Television and Factory Media.
MedicAnimal founder Ivan Retzignac will continue to lead the company.
Rigby said: “The business has grown rapidly over the last few years to become a major player in the online pet healthcare market, and the management and founders have built a business with loyal customers, a great team and strong brand awareness.
“MedicAnimal is a great story and one we want to enhance by bringing additional investment and skills to the table.”
It is understood the etailers ceased trading and filed the notice to appoint an administrator after an investor pulled out of a funding round at the last minute.
The situation was exacerbated by a large supplier bill landing on July 31, which would have required MedicAnimal to draw on its working capital facilities in order to pay it.
MedicAnimal has recorded rapid growth over the last few years after acquiring a number of competitors including PetSupermarket.co.uk.