PETSTOP Ltd, the Irish owned pet shop chain is to open a further 10 outlets this year, following a cash injection of £750,000 from the Delta Partners venture capital fund.
The company, which currently owns four stores in Dublin, expects to open a further five next year, eventually creating another 200 jobs. Among the shareholders are accountant Mr Bernard Somers and businessman Mr Liam Booth.
PetStop's four outlets specialise in petfood, pets and pet accessories. Its founder, Mr Anthony Gallagher, said last night that the market in Ireland was growing at 15-20 per cent a year. He said the company hoped to open stores outside Dublin, in Cork, Galway, Limerick and Waterford.
Delta Partners Venture Capital said yesterday it had invested £750,000 for a 35 per cent stake in the company. Delta Partners a £23 million venture fund, backed by Irish pension funds and the Bank of Ireland, said the rapid shifts and growth in the Irish retail sector presented opportunities for venture capital investors.
Delta's Mr Shay Garvey said the company was happy to support a dynamic management" team, building a new retail concept like PetStop.
Pet Stop is hoping to emulate the trend in Britain which has seen a rising demand for pets and pet accessories. Pet Stop says this is because of the declining human birth rate and the increasing purchasing power of consumers.
The company's shops do not sell dogs or cats, but stock a large range of fish, lizards, snakes and more "mundane" pets such as hamsters, says Mr Gallagher. PetStop currently employs 65 people at its outlets in Tallaght, Sandyford, Naas Road and Coolock.
Mr Gallagher said the company will soon launch a new range of services, from home delivery to pet grooming and training services.
Earlier this year, Mr Bernard Somers took a 36 per cent stake in PetStop. It is estimated he paid around £500,000 for his stake. Other shareholders include businessman Mr Liam Booth (15 per cent) and Mr Gallagher himself who owns 14 per cent.
