Midland-based pet superstore chain Wilsons Pet Centres has been acquired by retail and agricultural supplies business, Wynnstay, in a deal worth £5.16 million.
Wynnstay said yesterday it expects the 10-outlet business to be immediately earnings enhancing.
Based in Bromsgrove, Wilsons Pet Centres was established in 1993. Since then the business has expanded with branches in Evesham, Malvern, Worcester, Droitwich, Kidderminster, Northfield, Acocks Green, Stourbridge and Swadlincote.
The stores, which are all leasehold, are modern and spacious, with an average floor space of 6,000 sq ft, and are typically located within retail parks.
Each store offers a comprehensive range of pet care products as well as related services such as in-store pet grooming, pet behaviour courses and pet insurance.
The acquisition also complements Wynnstay's existing pet supplies and retailing activities, including its Just for Pets brand of dedicated pet stores.
Of the total net amount of up to £5.16 million, £4.3 million is payable in cash on completion with the balance payable in cash in January 2009. The initial payment will be satisfied from Wynnstay's existing cash resources and a new five-year loan of £3 million.