Pets at Home sale off
Retailer Pets at Home has decided not to float despite a 55.6 per cent increase in profit for the year because of concerns about the economy.
Pets at Home sale off due to credit crunch" class="imageframe alignright" height="200" src="http://pictures.directnews.co.uk/liveimages/Springer+Spaniel_1455_18560392_0_0_7006463_300.jpg" width="200"/>Retailer Pets at Home has decided not to float despite a 55.6 per cent increase in profit for the year because of concerns about the economy.
For the year to March 27th 2008, Pets at Home said like-for-like sales were up eight per cent while 20 new stores were opened, bringing the total to 213.
Profit before tax increased by 55.6 per cent to £30.9 million on sales of £354.6 million.
Pets at Home was founded in 1991 and was bought by private equity firm Bridgepoint for £230 million in 1994. It sells a range of foods and accessories for cats, dogs, small animals and fish as well as supplies for aviary and wild birds.
Last year, the company appointed advisers to look at a sale or float of the business.
However, Matthew Davies, chief executive of Pets at Home, 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 said it will continue to focus on increasing margin growth, introducing new ranges and services, as well as opening further stores and new veterinary practices.