Home Opinion CONTINUED GROWTH FOR SMES IN PET INDUSTRY
Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

CONTINUED GROWTH FOR SMES IN PET INDUSTRY

by uma

 

  •     Revenue-based funding for pet retail outlets up 94%
  •     74% increase in funding for veterinary practices

Award-winning SME financier 365 Business Finance, specialising in revenue-based finance, has highlighted the UK’s rapidly growing pet industry, reporting a 94% increase in funding for pet retail outlets throughout 2020 and 2021*, in comparison to 2018 and 2019.

As a reflection of the high demand for pets, pet supplies and grooming services during the COVID-19 pandemic and lockdowns, this significant jump in the amount funded to pet related businesses is not just a temporary trend. 2022 is already proving to be yet another strong year for both the pet retail and veterinary industries, indicating that the knock-on effects of the pandemic and pet ownership are not slowing down anytime soon.

According to the London-based lender, which has had record months in February and March, the latest data also shows a 74% increase in funding for veterinary practices throughout 2020 and 2021, when compared to the previous two years.

Managing Director at 365 Business Finance, Andrew Raphaely, said, “Through our support of many UK businesses, we can see the impacts of various trends when it comes to consumer spending. The continued growth of the pet industry is an indication of how new working from home practices have allowed some individuals to adapt their lifestyles, achieving a better work life balance in many instances and, in particular, being able to welcome dogs and cats into the family – as some of our team members have done since the pandemic began.”

To understand the surge in the pet industry, 365 Business Finance investigated the various reasons why pet ownership has increased, and how pet businesses and veterinary practices can leverage this opportunity with smart financing options: New Opportunities in Pet Businesses Due to Rising Pet Ownership.

Find out more about revenue-based finance and how business growth can be supported by a merchant cash advance for £10,000 up to £300,000 in capital, with no fixed monthly payments or APR.

 

You may also like