We had been following the UK pet retail space for a number of years due to its attractive fundamentals and secular growth trend. We identified Jollyes as one of the most attractive targets in the sector given its strong existing position as the leading value retailer in the space in the UK with significant further roll-out potential. We believe that we can leverage our significant investment experience in multi-site consumer businesses as well as our in-house data science expertise to support the business in its next phase of growth. We acquired the business in March 2024.