Mon, 18 Sep 2017 | ADMINISTRATION
Just for Pets, a Midlands-based pet retail chain of 25 stores, is set to go into administration.
Parent company, Wynnstay, revealed the business had shown a 'marked deterioration' in profits due to changes in buyer behaviour, greater cost pressures and increased competition.
At its half-year results in June, Wynnstay's pre-tax profits at the group fell from £4.08 million to just £130,000, despite group sales increasing by 6.3 per cent to £205.3 million in the six-month period.
In the first half of the year Just for Pets generated £7 million of revenues, which represented about three per cent of Wynnstay's total revenues for the period, and made an operating loss of £0.25 million.
The company's total adjusted operating profit for the same period was £4.24m.
Wynnstay Chief Executive Ken Greetham says: “This has been an extremely difficult decision to make.
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.
We will be working closely with advisers to ensure that Just for Pets employees, customers, suppliers and Wynnstay shareholders are best served.”
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