Animals & Pet
From feeding pets to fueling growth, Petshop.co.uk partnered with Wayflyer for a dogged pursuit of expansion.
Petshop.co.uk, founded by Adam and Lexi Taylor, started as a modest venture in London, delivering pet supplies from a studio apartment. Nurtured by a £5,000 Prince's Trust grant and then bootstrapping, the duo turned their love for pets into a £30 million business.
Despite this remarkable growth, further evolution stalled due to funding constraints. The challenge was substantial: how to infuse capital into the business without sacrificing the agility and control that had been its competitive edge. This dilemma was emblematic of their journey - from hand-delivering orders on a Vespa to overseeing a vast warehouse operation.
"We had built up this business for the past 13 years and got up to £30 million in revenue, but we couldn't evolve any further without extra funding." Adam Taylor, Owner, Petshop.co.uk
Recognizing the limitations of self-funding, Petshop.co.uk approached Wayflyer to unlock their growth potential while maintaining equity. Wayflyer's revenue-based funding solution offered the perfect blend of financial support and business agility, crucial for a company like Petshop.co.uk that values quick decision-making and innovative growth strategies.
This partnership was not just about funding; it was about finding a collaborator who understood Petshop.co.uk's unique business model and growth aspirations. Wayflyer, with its expertise in aiding ecommerce growth, emerged as the ideal partner to help them scale while preserving their entrepreneurial spirit.
"We've used that financing to ultimately bulk buy stock and help the end consumer by locking in cheaper prices by guaranteeing supply. Ultimately, it enabled us to unlock capital to invest in growth in other areas."
The collaboration with Wayflyer marked a turning point for Petshop.co.uk. The funding enabled them to bulk buy stock, securing lower prices and ensuring consistent supply for their customers. It also helped them take a step towards redefining their operational efficiency. The investment facilitated advancements in warehouse automation, senior staff recruitment, and software enhancements, contributing to a significant 30% growth in a challenging market.
This growth represents Petshop.co.uk's ability to maintain control over its operations and decisions, a rarity for businesses of its size. Wayflyer's support has been instrumental in this journey, enabling Petshop.co.uk to not only expand its market reach but also to refine its operational capabilities and customer offerings.
"To be a business of our size, but to still have complete control is really quite unusual. And you know genuinely Wayflyer has enabled this."