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Pets at Home sold for £950m

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The chain’s current owners, Bridgepoint Capital, bought it from founder Anthony Preston in 2004 for £240m. The business opens around 20 new outlets every year, but was founded as a single shop in 1991.

The sale comes hot on the heels of strong winter sales with items such as dog coats and rabbit hutches shifting like hot cakes. Overall like-for-like sales in the six weeks to 7 January were up 6.7 per cent compared with the same period 12 months before.

During the same period, the company shifted more than one thousand tonnes of wild bird food.

KKR’s European retail chief John Pfeffer said: "We are enthusiastic about the significant further potential for Pets at Home to grow, develop and continue to deliver its unmatched breadth of products, store environment, competitive pricing and customer service."

Chief executive Matt Davies said in a statement: "KKR’s investment represents a resounding endorsement of our success to date and a validation of our colleagues’ commitment and enthusiasm towards pets and pet owners across the UK."

Related article:What’s fuelling Britain’s recovery?

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Recession over, but worries continue
January / February 2010
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