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Just For Pets to go into administration

Published 19 September 2017

Just For Pets, a popular pet store chain in the UK, has filed a notice to appoint administrators, following losses over the last one year.

In a statement, agricultural and retail group Wynnstay, the owner of Just For Pets, attributed the losses to changes in consumers’ buying behavior, competition and cost pressures.

Just For Pets, which is based in Hartlebury, operates 25 stores across the Midlands with other branches in the county, including Bromsgrove, Worcester, Malvern, Evesham, Stourbridge and Kidderminster.

The company took up a restructuring exercise earlier this year, but discussions and negotiations with interested parties have not yielded acceptable offers, forcing the company to file a notice for appointment of administrators.

The company said the board will work with the advisors to seek a sale of the business and assets to safeguard as many jobs as possible.

In June, Wynnstay announced that the poor performance of the Just for Pets retail chain affected its profits. The half-year results declared in June showed that Wynnstay took a £3.9m hit on writing down part of the value of the pet supplies chain.

Pre-tax profits of the group declined from £4.08m to £130,000, despite a 6.3% increase in group sales to £205.3m in the six-month period.

In the first half of the year, Just for Pets generated revenue of £7m, accounting for 3% of Wynnstay’s total revenues for the period, and made an operating loss of £0.25m. The total adjusted operating profit for the period was £4.24m.

Wynnstay chief executive Ken Greetham said: “This has been an extremely difficult decision to make and we are saddened by the announcement of the Notice of the Intention to Appoint Administrators for the Just for Pets business. Having thoroughly investigated and pursued other options, it has been concluded that this was the correct path to take, both for Just for Pets and Wynnstay, given the difficult circumstances in which JfP has found itself in recent years.

"We will be working closely with advisers to ensure that Just for Pets employees, customers, suppliers and Wynnstay shareholders are best served.”


Image: Just For Pets to go into administration. Photo: courtesy of Just For Pets.