Britain’s biggest pets retailer Pets at Home is set to float on the London Stock Exchange this year.
The chain expects to raise £275m from the float. Various media reports suggest the IPO would value the chain at £1.2bn.
Nick Wood, the company’s chief executive, said: “This is a very exciting time for Pets at Home as we look to drive our expansion programme in the UK to over 500 stores, more than 700 veterinary practices and in excess of 300 groom rooms in the medium term.”
In 2010, Pets at Home was bought by US private equity giant £995m. Five hundred members of staff, who together own 10% of the business, are expected to get an average of about £240,000 each in the share offering.
Pets at Home’s like-for-like revenues has grown by 2.4% and underlying earnings by 11.1% to £87m in the 40-week period to January 2.