Pets at Home rules out float

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The owners of the Pets at Home chain of pet superstores has ruled out a sale or flotation due to the current economic climate.

According to the Financial Times, Bridgepoint, which has been the majority owner of the Pet at Home chain since 2004, appointed bankers to examine the sale of the chain with a target price of 650 million.

However, the FT claims that Bridgepoint, a private equity company, has now ruled out a sale believing that the current market would lead to the chain being undervalued at a time when the group has achieved record profits.

Matt Davies, the chain's Chief Executive, said that while the pets sector was resilient some areas, including fishkeeping, have seen a drop in sales.

"Where we're seeing some impact is in our high-end aquatic set-ups - we're selling less 300-plus aquatic set ups", Davies told the FT.

"The sector is far more resilient. We're a nation of pet lovers. Things have to get very tough indeed before people cut back on what they're buying for their pets."