Pets Corner accounts confirm store closures
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Pets Corner has closed almost 20 underperforming PamPurredPets stores since its multimillion-pound takeover of the rival business last year.
Pet Family Ltd, the parent company which operates the Pets Corner retail chain, purchased PamPurredPets for £6m in March 2016. At the time, the Dorset-headquartered business operated a network of 50 stores.
However, newly filed financial accounts for Pet Family have now confirmed that nine underperforming sites were shut down in the six-month period between March and September 2016. A further nine stores, along with the central warehouse operation in Verwood, have since been shut down.
Pet Family has reported turnover of £46.8m for the year to 30 September 2016, compared with £35.1m a year earlier. This included a £7m contribution from PamPurredPets and sales of £39.5m from Pets Corner.
However, profit before tax fell from almost £3m to £1.4m due to a rise in expenses associated with the acquisition and store closures.
In the annual report at Companies House, Pet Family said it was satisfied with its results and that profitability in the company "remains healthy" despite the current economic climate and growing competition in the market.
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