Economy Not Right For Pets At Home Sale
The UK pets superstore chain Pets at Home has announced that the current UK economic climate undervalues its business and, despite a pre-tax profit of more than 55% last year, it is not about to float on the stock market.
The company, which is currently in the controlling hands of the private equity firm Bridgepoint, was reported back in November to be considering a possible flotation, (see: Bridgepoint Looks To Exit Pets At Home).
Pets at Home has been opening new pet stores at a rate of one per month for the past 6 months. Annual revenues were reported at £306m in November. By the end of March they had risen 16% to £354.6m for the year.
Pets at Home Chief Executive, Matthew Davies said:
"Given the company's continued strong performance and our confidence in its future prospects, the board and its advisers have decided not to initiate a sale of the business in the current economic environment. To do so at this time would inevitably undervalue what is a fantastic business."
The company is to continue with its expansion programme of opening new pet stores and veterinary facilities.