Pets at Home Group Plc, the proposed new holding company of the Pets at Home Group announces its intention to proceed with an initial public offering (IPO). The Company intends to apply for admission of its ordinary shares to the premium listing segment of the Official List of the UK Listing Authority and to trading on the main market of the London Stock Exchange.
Pets at Home is the UK’s leading specialist retailer of pet food, pet-related products and pet accessories. The company also operates the UK’s second largest small animal veterinary business by combined number of surgeries, both in its stores and at standalone locations, and is the leading operator of pet grooming services by number of in-store salons. The company operates from 369 stores located across the UK, and 246 small animal veterinary surgeries, principally under a joint venture model using the Companion Care and Vets4Pets brand names. The group also operates 116 in-store Groom Room grooming salons.
Since the business was founded in 1991, Pets at Home’s leading market position has been built primarily through organic investment and complemented by selected strategic acquisitions, notably Vets4Pets in March 2013. Pets at Home’s delivery of consistently strong and resilient financial performance has continued in the 40 week period to 2 January 2014 with total revenue growth of 11.7% year on year, like for like revenue growth of 2.4% and Underlying EBITDA growth of 11.1%. The directors of the company believe that the offer will position the group for its next stage of growth and development.
In preparation for the IPO, the company also announces the appointment of four experienced Independent Non-Executive Directors to complement the existing board under the continued chairmanship of Tony DeNunzio. A fifth appointment is expected prior to admission.