Pets at Home JV secures Â£20m
Pets at Home Vet Group, the operator of the Vets4Pets and Companion Care brands, has secured a £20m funding deal as it aims to have 700 UK practices.
The group, which is a joint venture as part of Handforth-based Pets at Home, will use the funding from Santander Corporate & Commercial to open practices in the retail group's stores and at standalone locations.
A number of jobs will be created by the expansion.
Vets4Pets was acquired by Pets at Home and merged with Companion Care in 2013. The JV is based in Oxfordshire.
Amanda Radford, chief financial officer of Pets at Home Vet Group, said: "Vets4Pets and Companion Care were formed to create opportunities for veterinary professionals to gain control of their careers by owning and running their own practices, and we are absolutely delighted with the growth of our business.
"Any veterinary professional looking for a joint venture partnership can benefit from the strength and support of the largest veterinary group in the UK, and the funding from Santander will help us realise our growth aspirations."
Steve Bateman, relationship director at Santander Corporate & Commercial, added: "Vets4Pets and Companion Care have excelled in their chosen segment, finding strong demand for their services from vets and pet owners across the UK. The business model is extremely robust and I’m wholly confident of the company's future strategy."
Last month, Pets at Home reported revenue from the JV, its grooming division and animal sales had risen by more than a quarter.