Private equity group TDR Capital has acquired a majority stake in specialist pet retailer Jollyes and former Asda boss Andy Bond has been appointed chair.

Joe Wykes and Andy Bond at Jollyes Peterborough

Incoming chair Andy Bond and Jollyes chief executive Joe Wykes

The deal, for an undisclosed sum, will enable Jollyes to speed up its store opening programme as it competes with Pets at Home and to invest in lower prices.

Bond, who is also chair of Poundland owner Pepco, will join Jollyes on completion of the deal, which is expected to be in April. He will hold a stake alongside TDR and Jollyes’ management.  

Jollyes chief executive Joe Wykes said: “Jollyes has been growing at pace over the past two years, with our people providing pet parents a level of expertise and service that is hard to find.

“This new investment will help us build a much bigger stage, accelerating our growth plans and giving us the resources we need to bring more value to more places.

“We look forward to partnering with TDR on the exciting next phase of our growth in the UK.”

He added: “Andy’s retail credentials and know-how in the value sector make him an ideal chair for Jollyes, customers and colleagues. I’m looking forward to his counsel and guidance as we continue to grow.”

TDR Capital managing partner Gary Lindsay said: “It is fantastic to be partnering with Joe and the Jollyes team to provide even more momentum behind the strong growth of recent years.

“In Jollyes, we identified a solid business with excellent foundations and significant potential to grow even more ambitiously in the years to come.

“Through our investment, we will deploy our significant retail expertise and support the company in rolling out its store expansion plans even more rapidly, including opening more grooming and veterinary-led community pet clinics.

“We are confident that Jollyes can further cement itself in the pet retail sector and increase the competitiveness of the market, which will benefit customers, colleagues and suppliers alike.”