Pets at Home plans £1.5bn stock market flotation to double its veterinary surgeries

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Pets at Home has unveiled plans for a stock market flotation expected to value Britain’s biggest pet shop group at around £1.5bn.

The announcement adds to the current bout of float fever after a raft of companies, including discount retailer Poundland, launched share offers worth billions in total.

Around 500 members of staff own 10 per cent of the pet retail business, which has over 30 stores in Yorkshire.

This will translate into an average of £240,000 each, although the holdings of senior executives will be much bigger than those of shop workers.

Pets at Home is seeking to cash in on an improving outlook for consumer spending and the nation’s love of pets.

The firm is mainly owned by US private equity group KKR, which bought it from Bridgepoint four years ago for £995m in one of the North’s biggest buy outs of recent years.

KKR is looking to raise about £275m from the sale of new shares to pay down debt. Unlike Poundland, the float will include an offer to retail investors.

Pets at Home plans to more than double the number of its veterinary surgeries and in-store grooming salons in a bid to raise its 12 per cent share of the pet care and retail market.

In December 2012, the group bought York-based Ride-away, a multi-channel equestrian business.

Graham Pearce of KPMG

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