Pets at Home confirms £275m IPO
Pets at Home has this morning unveiled plans to list on the London Stock Exchange.
The group wants to raise around £275m through the flotation, to reduce debts and cash out its private equity owner KKR and “certain other” shareholders and members of the management team.
Although targeted mainly at institutional investors, employees will get a change to subscribe.
Chief executive officer Nick Wood said:
We have delivered consistently strong financial growth and since 2009 we have gained share across all segments of the market. Our performance has been further characterised by an unbroken track record of positive like-for-like performance over the last decade. Even after the investment made in the business, our operational cash flow has remained consistently strong.
He added that Pets at Home is driving its expansion programme in the UK to over 500 stores, more than 700 veterinary practices and in excess of 300 Groom Rooms.
The company currently has 369 stores across the UK, 246 veterinary surgeries and 116 pet grooming salons.